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.
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