Square Pegs, which offers specialist insurance coverage for complex and unusual risks via a dedicated e-trading platform, has become a standalone underwriting cell within Castel Underwriting Agencies Ltd.
Focused on small and medium sized enterprises in the UK, Square Pegs enables brokers to obtain coverage for more challenging risks. These include businesses with a complicated mixture of trade activities, high-risk locations, non-standard or unusual product types, and firms with prior financial difficulties including liquidation or bankruptcy.
The move is in response to strong and profitable business growth since launching as part of Castel’s specialty division in 2019. Brokers use Square Pegs’ flexible online trading platform to quote and easily manage their portfolio of risks that may not fit the acceptance criteria for other insurers, said London-based Castel in a statement.
Square Pegs has also expanded its product range with the launch of Square Pegs Full Business which adds property damage coverage to the existing liability product range for small and micro businesses.
Square Pegs Full Business also enables brokers to quote and bind on a wider range of industry sectors including manufacturing, engineering and distribution in addition to the contracting trades for which the Square Pegs is best-known.
The new underwriting cell will continue to be led by Stuart Dickinson, a former head of commercial at Chaucer Insurance (now Markerstudy) with over 30 years’ experience in commercial underwriting.
“Square Pegs has seen strong growth on the Castel platform. This reflects both the gap that exists in the market and our drive to make it easier for brokers to access cover for the more complex and unusual needs of SMEs,” Dickinson commented.
“Our launch as a standalone underwriting cell within Castel means we can continue growing our portfolio as we have done today with a new combined commercial product, enhancing our offering to more brokers looking for coverage solutions for their clients’ often more difficult to place risks,” he added.
Square Pegs’ Full Business product includes coverage for:
- Buildings and contents
- All risks
- Business interruption
- Loss of license
- Money and personal accident assault
- Employee theft
- Goods in transit
- Contractors all risks
- Commercial legal expenses
The product is designed for small and micro businesses (0 to 10 employees), with turnovers typically below £2 million (US$2.8 million) and premium spends in the range of £500 to £10,000 ($708 to $14,158).
About Castel
Castel Underwriting Agencies Ltd., part of Arch Insurance International, is an independent trading company and managing general agent (MGA) and club-style MGA formation platform.
Source: Castel Underwriting Agencies
Topics Underwriting
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