European program underwriting partnerships

RNS Number : 9201X

Randall & Quilter Inv Hldgs Ltd

16 August 2018

 

 

Randall & Quilter Investment Holdings Ltd.

16 August 2018

Randall & Quilter agrees three additional European program underwriting partnerships

Contracted business to date now exceeds US$200m in annualised premiums

Randall & Quilter Investment Holdings Ltd. ("R&Q") is pleased to announce that its wholly-owned European subsidiary R&Q Insurance (Malta) Ltd ("R&Q 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

·      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 Inc. ("Accredited"), by providing licenced insurance capacity and infrastructure to act as a conduit between MGAs and reinsurance capital providers.

R&Q Malta - which is licenced to write all non-life classes in all European Union ("EU") 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".

Ken Randall, R&Q CEO and Chairman, added: "These three transactions demonstrate R&Q's ability to provide high quality insurance coverage to MGAs throughout the EU. 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 US$200m in annual gross premiums and are on track to more than double this figure before year-end."

Ends

Randall & Quilter Investment Holdings Ltd. Ken Randall Tel: [phone] Numis Securities Limited (Nominated Adviser) Stuart Skinner Tel: [phone] Charles Farquhar Tel: [phone] Shore Capital Stockbrokers Limited Dru Danford / Stephane Auton 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 program 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

Website: www.rqih.com

 

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