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Tom Fulford-Smith and Charles D’Alton previously founded and led marine intermediary Latitude Brokers in Hong Kong in 2014. -
The deal follows this publication’s report that the Bank of America-run sale process of Castel was drawing robust interest.
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It is understood that AUB’s investment in Mexbrit includes the broker’s marine-focused MGA subsidiary Forte Underwriters.
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The MGA writes business including forestry, surety and financial lines, and was granted Lloyd’s coverholder status in July.
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The MGA was without backing since March 2023, after Markel and Chaucer pulled their PVT paper.
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There are clear strategic advantages to the company’s London launch – but demand may not be as high as in the US.
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The question is whether the inherent value in CFC was in fact concentrated in departing executives David Walsh and Graeme Newman, or if the business can trade forward as it did.
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The agency cited the segment’s sustained growth and performance on a global basis but noted tight capacity for certain risks and uncertainty looming over the fronting market as offsetting factors.
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Allianz Trade recently announced that Stennett's role is being taken on by Peter Evola.
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The product will protect offtake agreements from the risk of under-delivery of projected carbon credits.
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The five-person underwriting team will be led by Ian Lewis, who has been named head of intangible assets.
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It is understood the MGA will run a restricted process, but owners are open-minded on counterparties.
