The program manager Accredited Insurance (Europe) Ltd., the wholly owned subsidiary of Randall & Quilter Investment Holdings Ltd., announced it has signed a six-year program management agreement with Policy Expert, a UK Insurtech providing home and motor insurance to over one million customers.
Policy Expert wrote its first home insurance policy in 2011 and has grown rapidly to become one of the UK’s top 10 home insurance providers, expanding into motor in 2019. Its business model is built on leveraging proprietary technology and advanced data analytics, from pricing through to claims, to generate competitively priced cover, strong customer advocacy and high renewal rates.
Targeted capacity over the period is expected to be £2 billion ($2.5 billion) in gross written premium.
Malta-based Accredited Insurance (Europe) Ltd. is licensed to write all non-life classes in all EU member states and the UK and is A.M. Best A- (Excellent) rated
“Policy Expert is a perfect fit for Accredited as we continue to diversify our business and partner with an exciting mix of niche and ‘Super’ MGAs. We were attracted by Policy Expert’s proven track record, market-leading data management and reporting capabilities, and the expertise and vision of its leadership team. We are looking forward to a long and successful relationship to support Policy Expert’s continued growth,” according to Colin Johnson, Accredited CEO.
“Policy Expert has enjoyed over a decade of uninterrupted growth, fueled by proprietary technology which has driven us from start-up to become a heavyweight insurtech that is firmly established as one of the UK’s major insurance providers,” commented Steve Hardy, executive chairman of Policy Expert.
“I am delighted to have agreed a long-term capacity arrangement with R&Q Accredited, which gives us a platform to significantly expand on our current position with over one million home and motor policyholders,” said Steve Hardy, executive chairman of Policy Expert.
“This is a significant agreement with Policy Expert and is the second long-term partnership that we have announced this year,” said Alan Quilter, R&Q Group CEO. “Such long-term arrangements support our objective of delivering sustainable and predictable growth in our program management business and we will seek further opportunities from the strong relationships we are developing with MGA distributers and highly rated capacity providers including reinsurers and ILS vehicles.”
About R&Q and Accredited
A global non-life specialty insurance company, R&Q operates two core, complementary, businesses: program management and legacy insurance. Both these businesses are leaders in their respective markets.
A wholly owned subsidiary of Randall & Quilter Investment Holdings Ltd., Accredited is the only dedicated program partner to provide A- rated insurance capacity in each of the U.S., UK and Europe, including licenses to write admitted business in all 50 US states. Accredited has over 75 active programs representing $2 billion of contracted premium.
Source: Randall & Quilter Investment Holdings
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