Florida-based property/casualty (P/C) insurer and subsidiary of Randall & Quilter (R&Q), Accredited Surety and Casualty Company, Inc. (ASC), has entered into an agreement with Atlas General Insurance Services for its Western Trade Craft artisan contractor operation.
The Atlas Western Trade Craft artisan contractor business has a focus on surety, commercial liability and inland marine coverages in Washington, California, Nevada, and Idaho.
According to an announcement on the agreement, ASC will not retain any of the risk as it’s fully reinsured with a reinsurer with an A- rating from A.M. Best. The announcement also reveals that ASC anticipates up to $25 million annual gross written premium for this business.
Commenting on the agreement, R&Q’s Chairman and Chief Executive Officer (CEO), Ken Randall, said; “Accredited is authorised to underwrite a wide range of domestic insurance business across the USA and we are delighted to launch this significant sized program with Atlas Western Trade Craft.
“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.”
