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 Europe Underwriting Insurance Wholesale
Was this article valuable?
Here are more articles you may enjoy.
Mustard Maker Caught Pumping Pollutants Into River for Years and Lying About It 
State Farm Agrees to $15M Settlement for Underpaid Vehicle Claims 
How Niche Insurance Shielded Bad Bunny From Bad Weather 
Three Sentenced in Bear-Suit Attacks Insurance Fraud Case 
