Randall & Quilter Investment Holdings Ltd, (LON:RQIH), the leading non-life global specialty insurance company focusing on program management and legacy insurance businesses, has announced that R&Q Accredited has signed a 5-year program management agreement with First Underwriting, a fast-growing UK-based MGA.
The agreement will see R&Q Accredited and First Underwriting partner on a 5-year deal with targeted capacity of c. £1bn in gross written premium over the period. The program will be supported by a panel of highly rated reinsurers.
First Underwriting is a UK-based MGA that writes across a range of products including specialist motor, property, casualty and bonds. R&Q Accredited has supported First Underwriting since its launch in 2018.
Alan Quilter, Randall & Quilter Group CEO, said: “This is a significant agreement with First Underwriting, with £1bn in gross written premium targeted over a five-year period. Long-term partnerships will support our objective of delivering sustainable and predictable growth in our program management business and we aim to announce further agreements in 2022. This growth is underpinned by our strong relationships with both MGA distributors and highly-rated capacity providers, including reinsurers and ILS vehicles. Furthermore, this deal also expands our existing relationship with First Underwriting, highlighting our strategy of growing alongside MGAs we know well and with proven track records.”