R&Q Insurance (Malta) Ltd, a wholly-owned European subsidiary of Randall & Quilter Investment Holdings Ltd. (R&Q), has signed three new underwriting partnerships with European MGAs.
The new program underwriting arrangements are with Futura, a Spanish MGA that specialises in surety bonds; Inspire, a UK domiciled MGA that offers private motor insurance; and All Risks, an Italian MGA that specialises in surety bonds, professional indemnity, and third-party liability.
Colin Johnson, Chief Executive Officer (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.”
R&Q states that these deals underline its strategy of offering high quality underwriting facilities to MGAs across the EU, and also in the U.S. through R&Q Malta’s sister firm, Accredited Surety & Casualty Company Inc., by providing licenced insurance capacity as well as infrastructure to act as a conduit between MGAs and reinsurers.
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.”
R&Q Malta is licensed to underwrite all non-life classes in all EU member states, providing the firm with a ready-made solution to the UK’s vote to leave the EU for European MGAs and reinsurance companies.
