Randall & Quilter Investment Holdings has announced that its wholly-owned European subsidiary R&Q Insurance (Malta) has signed three new program underwriting partnerships with European managing general agents (MGAs).
They are: 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.
These transactions confirm the ongoing execution of R&Q’s strategy to provide high quality program underwriting facilities to MGAs in the EU, and in the USA via R&Q Malta's sister company, Accredited Surety & Casualty Company, by providing licenced insurance capacity and infrastructure to act as a conduit between MGAs and reinsurance capital providers.
According to the company R&Q Malta - which is licenced to write all non-life classes in all European Union member states and is A- (Excellent) AM Best rated - provides a ready-made Brexit solution to European MGAs and reinsurers.
Colin Johnson, CEO of R&Q UK & European Program Management, said: “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”.
“These three transactions demonstrate R&Q’s ability to provide high quality insurance coverage to MGAs throughout the EU,” 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.
“To date R&Q Malta and Accredited have contracted live programs expected to produce in excess of $200m in annual gross premiums and are on track to more than double this figure before year-end.”
Randall & Quilter, R&Q, , MGAs, European, partnerships, insurance, Malta, program, underwriting, subsidiary, Investment