London-listed Randall & Quilter has added three new program underwriting partnerships with European MGAs to its books through its Malta-based subsidiary which takes the firm past the $200mn GWP milestone.
The deals are with Futura, a Spanish MGA specialising in surety bonds; Inspire, a UK-based MGA providing private motor insurance and All Risks, an Italian MGA specialising in surety bonds, professional indemnity and third-party liability.
R&Q said today the transactions demonstrate its commitment to providing program underwriting facilities to MGAs in the EU, as well as in the US through the group’s admitted insurer, Accredited Surety & Casualty Company.
R&Q provides licenced insurance capacity and infrastructure to act as a conduit between MGAs and their reinsurance capital providers. Both its US and EU operating subsidiaries have an AM Best A- financial strength rating which enables the firm to provide independent fronting capacity on both sides of the Atlantic.
“We are delighted to confirm these three transactions and we look forward to finalising a number of other deals in the coming months as we expand both the geographical spread and the number of classes we underwrite,” Colin Johnson, CEO of R&Q UK and European program management said.
R&Q’s founding CEO and chairman Ken Randall added: “These three transactions demonstrate R&Q’s ability to provide high quality insurance coverage to MGAs throughout the EU.”
“With a strong pipeline of new partnerships, R&Q is on target to exceed its expectations of at least 15 new program partnerships in Europe and the USA in 2018,” Randall continued.
“To date R&Q Malta and Accredited have contracted live programs expected to produce in excess of US$200m in annual gross premiums and are on track to more than double this figure before year-end.”