Randall & Quilter Investment Holdings Ltd. announced that its wholly owned European subsidiary R&Q Insurance (Malta) Ltd. has signed three new program underwriting partnerships – or fronting arrangements – with European managing general agents.
They are:
- Futura, a Spanish MGA specializing in surety bonds
- Inspire, a UK-based MGA providing private motor insurance
- All Risks, an Italian MGA specializing in surety bonds, professional indemnity and third-party liability.
By providing licensed insurance capacity and infrastructure, R&Q acts as a conduit between MGAs and non-EU licensed reinsurance capital providers, an R&Q representative explained.
R&Q Malta provides a ready-made Brexit solution to European MGAs and reinsurers, the company said, noting that it is licensed to write all non-life classes in all European Union member states and is “A-” (Excellent) rated by A.M. Best.
Similar program underwriting facilities are provided to U.S.-based MGAs via R&Q Malta’s sister company, Accredited Surety & Casualty Co. Inc.
“We are delighted to confirm these three transactions and we look forward to finalizing a number of other deals in the coming months as we expand both the geographical spread and the number of classes we underwrite,” said Colin Johnson, CEO of R&Q UK & European Program Management.
“These three transactions demonstrate R&Q’s ability to provide high quality insurance coverage to MGAs throughout the EU,” said Ken Randall, R&Q CEO and chairman. “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.”
R&Q Malta and Accredited to date have contracted programs “expected to produce in excess of US$200 million in annual gross premiums and are on track to more than double this figure before year-end,” Randall added.
Source: Randall & Quilter Investment Holdings
Topics Mergers & Acquisitions Underwriting Europe Insurance Wholesale
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