Accredited Surety and Casualty Company (ASC), a subsidiary of Randall & Quilter (R&Q), has entered into an agreement with the Hotaling Group of up to $10 million annual gross written premium for its Tradesman Program Managers contractor business in New York and New Jersey.
ASC plans to pass on 100% of the programme’s risk to a collateralized reinsurer – in line with Randall & Quilter’s strategy to use the subsidiary to underwrite admitted business in the U.S. primarily on behalf of highly rated reinsurers. Ken Randall Chairman and Chief Executive Officer of R&Q, said; “Accredited is authorised to underwrite a wide range of domestic insurance business across the USA and we are delighted to launch another meaningful sized programme in 2017.
“With the support of a number of highly rated Lloyd’s and international reinsurers, our aim is to generate growing and sustainable service fee income for the group whilst retaining limited net underwriting exposures.
“We see significant growth potential for Accredited and we expect to be making further announcements in due course, as and when specific transactions have been concluded,” Randall said.
