R&Q Investment Holdings is a forming a new division, Accredited, which comprises its US and European programme management businesses.
Accredited is one of two core businesses of R&Q - the other being legacy acquisitions and the claims management of discontinued business - and its strategic aim is to provide high quality and fully licenced capacity for MGAs and other counter-parties on both sides of the Atlantic.
Jointly spearheading Accredited is Todd Campbell, CEO of the US business, and Colin Johnson, CEO of the European division. Both individuals will report to Alan Quilter, co-found of R&Q and group chief financial officer.
Further to this development, R&Q Insurance Malta, it to be renamed Accredited Insurance (Europe), effective immediately.
The names changes are designed to reflect the importance of this core business to the R&Q 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.
Both Accredited Surety and Casualty Company, the Group’s wholly owned US platform, and its European equivalent, Accredited Insurance (Europe) enjoy an A- (Excellent) financial strength rating from AM Best. Accredited Surety & Casualty also had its rating affirmed this year by AM Best while being upgraded to group VII under its classifications, reflecting its larger capital base.
A total of 7 new programme underwriting partnerships have been entered into this year by the R&Q. Since R&Q’s programme initiative began last year, R&Q has entered into partnerships that are the equivalent to circa $200 million in annualised GWPs and it expects this number to at least double by year-end.
Domiciled in Florida, Accredited Surety & Casualty is licenced in all fifty 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) will remain fully licenced 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 programme partners.
Colin Johnson, CEO of UK and European Program Management, commented: “R&Q is, of course, well known for legacy acquisitions and for providing first class innovative exit solutions to owners of discontinued business.
“Since 2017, we have brought this same level of professional, client-focussed attention to MGAs in the US 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, 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.”
R&Q, Malta, Europe, North America