Bermudian specialist non-life re/insurance investor Randall & Quilter Investment Holdings (R&Q) has announced that its Accredited subsidiary has signed a five-year program management agreement with First Underwriting, a fast-growing UK-based MGA.
The agreement includes a targeted capacity of £1bn in gross written premium over the period and will be supported by a panel of highly rated reinsurers.
R&Q Accredited has supported First Underwriting since its launch in 2018.
Alan Quilter, R&Q Group CEO, said: “This is a significant agreement with First Underwriting, with £1bn in gross written premium targeted over a five-year period.
“Long-term partnerships will support our objective of delivering sustainable and predictable growth in our program management business and we aim to announce further agreements in 2022.
“This growth is underpinned by our strong relationships with both MGA distributors and highly-rated capacity providers, including reinsurers and ILS vehicles.
“Furthermore, this deal also expands our existing relationship with First Underwriting, highlighting our strategy of growing alongside MGAs we know well and with proven track records.’’
Tom Donachie, Managing Director of First Underwriting, commented: “We are delighted to announce this new long-term deal, which will help support the next chapter of our journey. Accredited have supported us from our launch and as a result, we have formed a strong and ambitious partnership.
“It was important we secured a long-term deal with A-rated paper to provide our brokers and their customers with the confidence of a secure market. We plan to continue focusing on specialist lines, providing a superior service to our brokers and leaning on the experience of our team of experts.”
Jacquie Boast, CEO at Kingfisher UK Holdings, added: “This is a unique and innovative capacity solution which will give First Underwriting the flexibility and scope to build and diversify into a truly multi-line underwriting business.
“Accredited have been a key partner since First Underwriting’s inception and it is fantastic to now have the certainty of a 5-year capacity commitment from an A-rated partner.
“This new long-term contract highlights the success of the First Underwriting team and their profitable and sustainable growth over the past 3 years that have delivered quality business and exceptional service to their brokers and partners.”
