R&Q CRS increases capacity; targets more SME business
R&Q Commercial Risk Services (CRS), part of R&Q’s managing general agent (MGA), has increased its total underwriting capacity to £15 million as part of a long term capacity agreement to secure more business with small and medium-sized enterprises (SMEs).
As part of a three-year agreement, R&Q CRS will be supported by four Lloyd’s syndicates to write larger line sizes for its products for property owners.
According to R&Q, this deal is part of its strategy to double in size in the next three years.
James Wheddon, head of R&Q Commercial Risk Services, said: “We are delighted to announce this new long-term capacity agreement; it’s a reflection of both the quality of the business written by R&Q CRS and the appetite from Lloyd’s players to underwrite a greater share of UK SME business.
“Securing long term capacity from the A+ rated Lloyd’s market will also give significant comfort to our network of independent brokers and their clients, with a number experiencing turbulent capacity changes in today’s market.
“Business will be written on the new facility with effect from the 1st September through the open market and our hugely popular ‘mi-binder.com’ delegated authority platform. It also follows our recent launch of embedded cyber cover for all commercial combined and package products.
“Ultimately, these initiatives are aimed at making the lives of brokers easier. With our ability to offer local brokers the products they need through London and our regional Manchester and Birmingham hubs, we believe that R&Q Commercial Risk Services can be the MGA of choice for the UK’s independent brokers.”
Keith Stern, regional manager of UK & Ireland for Lloyd’s of London, added: “Over the last five years Lloyd’s has achieved significant progress in its initiative to make our SME products more accessible to UK regional brokers and R&Q CRS continues to be one of our key partners on that journey.
“Multiple Year Binding Authority Agreements were launched with effect from 1st January this year to provide a more competitive and flexible framework for Lloyd’s cover holders. The three year arrangements will provide support to long term relationships with cover holders thus making it easier to do business at Lloyd’s. It is hugely encouraging to see R&Q MGA and their supporting Lloyd’s syndicates have signed up to this new agreement.”
