30 October 2017Insurance

R&Q unit partners with Atlas General

Florida-based P&C insurer Accredited Surety and Casualty Company (ASC), a subsidiary of Randall & Quilter (“R&Q”), said on Oct. 30 that it has partnered with Atlas General Insurance Services (“Atlas”).

The agreement concerns ASC’s Western Trade Craft artisan contractor business focused on surety, commercial liability and inland marine coverages in Washington, California, Idaho and Nevada.

“Accredited is authorised to underwrite a wide range of domestic insurance business across the USA and we are delighted to launch this significant sized programme with Atlas Western Trade Craft,” R&Q CEO Ken Randall, commented.

ASC anticipates up to $25 million annual gross written premium for this business. ASC will not retain risk as it is fully reinsured with an AM Best A- rated reinsurer.

“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,” Randall said. “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.”

ASC was purchased in November 2014 by Randall & Quilter as part of its strategy to underwrite admitted business in the US primarily on behalf of highly rated reinsurers.

Get the latest re/insurance news sent to your inbox every day -  Sign up to our free email newsletters

Other stories from Monday's newsletter

New insurtech MGA Wrisk raises £0.5m through crowdfunding

Markel CATCo raises over $1.8bn

Economic losses from wine country wildfires at up to $8bn

R&Q agrees with ProSight Specialty Insurance to manage Syndicate 1110

Global insurance M&A activity slow in 2017

RFIB launches Singapore operation in Asian expansion

Don't miss our insurtech email newsletter - sign up today

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
4 July 2017   Randall & Quilter (R&Q) has completed the acquisition of AstraZeneca Insurance Company (AZICO) after receiving all the necessary approvals.