Randall & Quilter in ‘significant’ deal with UK insurtech to scale growth
Global non-life specialty insurance group Randall & Quilter (R&Q) has signed a “significant” deal with a UK insurtech as it looks to drive growth and diversify its programme business with a mix of niche and “super” MGAs.
Accredited Insurance (Europe), a wholly owned subsidiary of Randall & Quilter Investment Holdings, which is licensed to write all non-life classes in all EU member states and the UK, has signed a six-year programme management agreement with Policy Expert, a UK Insurtech providing home and motor insurance to over one million customers.
The targeted capacity over the period is expected to be £2 billion in gross written premium.
Policy Expert wrote its first home insurance policy in 2011 and has grown rapidly to become one of the UK’s top ten home insurance providers, expanding into motor in 2019. Its business model is built on leveraging proprietary technology and advanced data analytics, from pricing through to claims, to generate competitively priced cover, strong customer advocacy and high renewal rates.
Colin Johnson, Accredited CEO, commented: “Policy Expert is a perfect fit for Accredited as we continue to diversify our business and partner with an exciting mix of niche and “Super” MGAs. We were attracted by Policy Expert’s proven track record, market-leading data management and reporting capabilities, and the expertise and vision of its leadership team. We are looking forward to a long and successful relationship to support Policy Expert’s continued growth.”
Steve Hardy, executive chairman of Policy Expert, said: “Policy Expert has enjoyed over a decade of uninterrupted growth, fuelled by proprietary technology which has driven us from start-up to become a heavyweight Insurtech that is firmly established as one of the UK’s major insurance providers. I am delighted to have agreed a long-term capacity arrangement with R&Q Accredited, which gives us a platform to significantly expand on our current position with over one million home and motor policyholders. Competitive cover and attentive customer service have never been more important to consumers, and I am looking forward to building on our track record of profitable growth.”
Alan Quilter (pictured), R&Q Group CEO, said: “This is a significant agreement with Policy Expert, and is the second long term partnership that we have announced this year. Such long-term arrangements support our objective of delivering sustainable and predictable growth in our program management business and we will seek further opportunities from the strong relationships we are developing with MGA distributors and highly rated capacity providers including reinsurers and ILS vehicles.’’
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