Bermuda-based insurer R&Q Insurance Holdings Ltd has announced an update for its Program Management business, approving partnerships with seven new programs in December 2022, with an anticipated total GWP of ~$130m over the next 12-15 months.
R&Q Accredited approved the partnerships, with the programs expected to begin writing business during the first quarter of 2023.
They include expanding existing partnerships for Accredited America, with three new programs with Falvey Insurance Group and one with Southern Star MGA.
Meanwhile, there are new program partnerships for Accredited America, with Platinum Specialty Underwriters, LLC and Cover Whale, and a new program partnership for Accredited Europe, with broker GmbH, R&Q’s first MGA partner in Germany.
William Spiegel, Executive Group Chairman, commented, “Our Program Management business ended 2022 with a flurry of activity as we approved and began onboarding a number of new programs.
“We continue focusing on diversifying our business while also deepening our relationships with existing partners. It is exciting to see our growth being delivered across our three platforms (US Admitted, US Non-Admitted, and Europe) including our first program partnership in Germany.
“In 2023 we will see continued growth from our existing partners as well as the onboarding of further new MGAs. Our pipeline remains strong and we believe we are well placed as a partner of choice for leading MGAs in the US, UK and Europe.”
In connection with the closing of the deal, MSA Safety contributed roughly $341 million in cash to the acquired company, in addition to related insurance assets, while the joint venture contributed an additional $35 million.
At the end of last year, R&Q also completed a loss portfolio transfer worth $60m to its a- (IX) rated carrier, Accredited Surety and Casualty Company, Inc.
