Reinsurance News

R&Q Accredited completes loss portfolio transfer

5th December 2022 - Author: Pete Carvill

R&Q has completed a loss portfolio transfer worth $60m to its a- (IX) rated carrier, Accredited Surety and Casualty Company, Inc.

randall-quilter-rq-logoAccording to the firm, the reinsurance transaction provides the California-based pool with economic finality for approximately $60m of reserves related to legacy General Liability, Employment Practices Liability and Auto Liability risks. Equinox (Re)Insurance Intermediaries acted as brokers on the transaction.

Andy Pinkes, global legacy chief executive officer at R&Q, said: “We are pleased to have been able to provide a successful finality solution for these legacy liabilities, the fourth legacy transaction we have completed this year. We have considerable expertise in the California market, which leverages the value of Accredited’s rated and fully admitted paper for legacy transactions.”

He added: “We are gratified that R&Q continues to be a market of choice for deals such as this, having also completed previous transactions for similar California self-insurance pools, and look forward to providing further solutions for our partners as we deliver against our pipeline.”

Back in October, the firm reported an increase of 83% in gross written premium for its Program Management business in the first nine months of the year.

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Within the update, R&Q reported gross written premium of $1.3bn, representing significant growth compared to the $714m reported in the same period last year.

It also reported a Program Fee Income of $60m, a 100% increase compared to last year’s $30m. R&Q note that the Program Fee Income is on a written basis and excludes its share of earnings from minority stakes in MGAs.

These figures followed the firm seeing its companies removed by AM Best from being under review with negative consequences in July. We reported at the time that Accredited was among those firms.

Previously known as Randall & Quilter Investment Holdings, the firm changed its name in July 2022. According to the announcement, the new name suggested a more focused mission and one more aligned with where the company’s operations had sat for several years.

At its recent annual general meeting, R&Q failed to secure shareholder support for resolutions that would have allowed it to raise more capital more easily. The firm’s Board asked shareholders to vote on 14 resolutions and secured passage for 12 of them

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