william-spiegel-ceo-r-q-1
William Spiegel, CEO, R&Q
23 February 2023News

R&Q sees growth in program management, sells MGA

Bermuda-based R&Q Insurance Holdings, the program management and legacy insurance businesses, has reported strong growth in its program management business for the 12 months to December 31, 2022.

The company posted gross written premium (GWP) last year of $1.8 billion, an 80% increase on the year before. Its fee income last year increased to $80 million, a 78% rise.

R&Q also revealed it has reached an agreement to sell its 40% minority holding in the New York-based managing general agent TPM Holdings USA, which is being acquired by Roosevelt Road Capital Partners, the controlling 60% shareholder of TPM.

Roosevelt Road Capital Partners is majority owned by CEO Daniel Hickey. The total consideration is $47 million, subject to post-closing adjustments based on 2022 audited financials of Tradesman.

William Spiegel (pictured), executive group chairman, commented: “2022 was an outstanding and record year for our program management business, and I am pleased that we have exceeded our target to deliver $1.75 billion in gross written premium, despite the exchange rate headwinds of a strong US dollar on our European business.”

“We have now firmly established R&Q Accredited as a scale player and leading partner in both the US and Europe. As we outlined in our recent update, the team has maintained momentum into 2023 and we continue to see a strong pipeline of potential partnerships. At the same time, we will retain our highly disciplined approach to MGA selection and reinsurance partnerships, seeking to work only with high quality MGAs and reinsurers while ensuring we maintain a well-balanced and diversified portfolio.”

“Tradesman is a high-quality MGA with whom we have had a long-term profitable partnership. Our decision to reduce our exposure to certain Tradesman programs as part of our ongoing active portfolio management meant our minority investment was no longer strategic and we believe its long-term ownership better fits with its existing management team. Given the compelling nature of the offer, we believe the transaction is an excellent outcome for all parties. R&Q still provides program management services to one of Tradesmen’s programs and we look forward to supporting them as a partner on future endeavors.”




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20 March 2023   The stake has been acquired by Roosevelt Road Capital Partners.
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More on this story

article
1 September 2022   The new hire joins from Compliance and Strategy at Markel.
News
20 March 2023   The stake has been acquired by Roosevelt Road Capital Partners.
News
4 April 2023   Accredited, its program management unit, has grown significantly.