Accredited Agreement

RNS Number : 0652Y

Randall & Quilter Inv Hldgs Ltd

01 December 2017

 

Randall & Quilter Investment Holdings Ltd.

Accredited Surety and Casualty Announces Agreement with The Hotaling Group, Inc. dba Tradesman Program Managers, LLC Specializing in Contractors General Liability in New York & New Jersey

1 December 2017

Accredited Surety and Casualty Company, Inc. ("ASC"), a subsidiary of Randall & Quilter ("R&Q"), is pleased to announce its agreement with The Hotaling Group, Inc. ("THG"), for its Tradesman Program Managers contractor business in New York and New Jersey.  ASC will not retain risk on the program, which is being 100% ceded to a collateralized reinsurer.  ASC anticipates up to $10 million annual gross written premium for this business.

Accredited Surety and Casualty Company, Inc. is a Florida domiciled property and casualty insurance company.  It is rated "A- Excellent" by A.M. Best.  ASC was purchased in November 2014 by Randall & Quilter as part of its strategy to underwrite admitted business in the United States primarily on behalf of highly rated reinsurers.

Ken Randall Chairman and Chief Executive Officer of R&Q, commented: "Accredited is authorised to underwrite a wide range of domestic insurance business across the USA and we are delighted to launch another meaningful sized program in 2017.

With the support of a number of highly rated Lloyd's and international reinsurers, our aim is to generate growing and sustainable service fee income for the group whilst retaining limited net underwriting exposures.  We see significant growth potential for Accredited and we expect to be making further announcements in due course, as and when specific transactions have been concluded."

ENDS

Enquiries to:

Randall & Quilter Investment Holdings Ltd.                 www.rqih.com

Tom Booth                                                                    Tel:  [phone]

FTI Consulting

Edward Berry/Tom Blackwell                                           Tel:  [phone]

Notes to Editors:

About R&Q 

The overall mission of the Bermuda based Group is to:

·      generate profits and capital extractions from expert management of legacy non-life insurance acquisitions/ reinsurances, including in Lloyd's; and 

·      grow commission income from its licensed (and rated) carriers in the US and EU/UK, writing niche and profitable programme business, largely on behalf of highly rated reinsurers.

Our aim is to continue to grow sustainable profit streams to support our business model and increase book value and cash distributions to shareholders. 

The Group was founded by Ken Randall and Alan Quilter in 1991.

Legal Entity Identifier (LEI): 2138006K1U38QCGLFC94

 

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