Randall & Quilter Investment Holdings Ltd. (R&Q) announced a corporate restructuring to create a new division, Accredited, which comprises its U.S. and European program management businesses.
Accompanying this initiative is a renaming of R&Q’s Malta domiciled insurance platform, R&Q Insurance (Malta) Ltd., to Accredited Insurance (Europe) Ltd. This change is effective immediately.
Accredited will be jointly run by Todd Campbell, as CEO of its U.S. business, and Colin Johnson, as CEO of its European division. Both individuals report to Alan Quilter, co-founder of R&Q and group CFO.
Accredited’s strategic aim is to provide high quality and fully licensed capacity for MGAs and other counterparties on both sides of the Atlantic, R&Q said in a statement.
The name change is designed to reflect the importance of this core business to the group and also to provide a simplified, single brand that provides the same level of service and client understanding to its customers on both sides of the Atlantic, R&Q added.
Accredited is one of two core businesses of R&Q – the other being legacy acquisitions and the claims management of discontinued business.
Both Accredited Surety & Casualty Co. Inc., the group’s wholly owned U.S. platform, and its European equivalent, Accredited Insurance (Europe) Ltd. have an “A-” (Excellent) financial strength rating from A.M. Best.
R&Q said both platforms are enjoying high demand for their services at a time of significant market turmoil in the sector which includes:
- The partial or complete withdrawal of other program capacity providers in 2017-18 (both in the U.S. and Europe),
- Continuing uncertainty over Brexit
- The emergence of disruptive fintech initiatives challenging the status quo, and
- The desire for entrepreneurs to launch new insurance businesses but require a program partner to provide licensed paper and infrastructure that acts as a conduit between them, their policyholders and their reinsurance capital providers.
A total of seven new program underwriting partnerships have been entered into this year by the group, R&Q said, noting that since R&Q’s program initiative began last year, the group has entered into partnerships that are the equivalent to circa $200 million in annualized gross written premiums, which is expected to at least double by year-end.
Domiciled in Florida, Accredited Surety & Casualty Co. Inc. is licensed in all 50 states to write admitted business for all P/C classes.
After Brexit takes place – as it is currently scheduled to do in March 2019 – Accredited Insurance (Europe) Ltd. will remain fully licensed to write every P/C class across all remaining 27 EU member states. In addition, a UK branch office will enable it to write business on behalf of UK MGAs, ensuring R&Q has a “gold-plated” Brexit solution for all its program partners.
“R&Q is, of course, well known for legacy acquisitions and for providing first class innovative exit solutions to owners of discontinued business,” commented Colin Johnson, CEO of UK and European Program Management. “Since 2017, we have brought this same level of professional, client-focused attention to MGAs in the U.S. and in Europe who require a program underwriting partner who can act as the conduit between them and their reinsurers.”
Todd Campbell, president and CEO of Accredited Surety & Casualty Co. Inc., added: “There is a growing demand for program partnerships and Accredited is determined to be the market’s go-to choice on both sides of the Atlantic.”
Source: R&Q Investment Holdings
Was this article valuable?
Here are more articles you may enjoy.