Bermudian specialist non-life re/insurance investor Randall & Quilter Investment Holdings (R&Q) has announced that its Accredited subsidiaries have formed two new program underwriting partnerships, in addition to securing an extension to an existing deal.
From July 2019, Accredited US will be the issuing carrier on behalf of Paragon Insurance Holdings for specialty commercial transportation coverage in New York.
Headquartered in Avon, Connecticut, Paragon is a broadly diversified managing general agent (MGA) with a focus on niche specialty lines.
“Paragon is a leading MGA with principals who each have over 20 years of specialty insurance experience,” said Todd Campbell, President and CEO of Accredited US. “We are very pleased to partner with them and to begin our relationship.”
He continued: “Accredited has a growing pipeline of new partnerships for 2019 and we are excited to be delivering on our mission to be the program underwriter of choice for US MGAs, Managing General Underwriters (“MGUs”), program owners and their capital partners.”
Ron Ganiats, CEO of Paragon, also commented: “We are excited to partner with the Accredited US team. Accredited’s business strategy and capabilities are well suited for the MGA market and Paragon expects to see the trading relationship with Accredited US to grow over the coming years”
Separately, Accredited Europe has agreed to a new program underwriting partnership with Sophro MGA Limited, a UK MGA providing after the event insurance.
Accredited Europe has also extended its program underwriting partnership with UK MGA First Underwriting Limited to provide household insurance. First already underwrites a motor binder on the Accredited platform.
“We are delighted to launch this new partnership and add Sophro to our stable of top quality MGA’s,” said Colin Johnson, CEO of European Program Management.
“We have worked closely with our partners at First for some time and are delighted to extend our relationship into another class,” Johnson explained.
“We are excited by the opportunities we are seeing in the European insurance markets where MGAs are drawn to Accredited Europe’s offering of full-range licences, highly-rated capacity and exacting corporate governance standards.”
Alan Quilter, R&Q Joint CEO and Group CFO, further stated: ‘’Having built strong underwriting and support teams in the US, Malta and London, we are now seeing the fruits of their hard work.”
“The Accredited brand expects to see a significant uplift in 2019 to the $500m of contracted GWP premium that we underwrote in 2018,” he added. “Our pipeline of program business opportunities continues to grow and we are pleased to announce the launch of these new programs and the development of our relationships with our MGA’s.”
