R&Q partners with MGA First Underwriting
R&Q Accredited has signed a five-year program management agreement with managing general agent First Underwriting. Part of Bermuda non-life legacy specialist Randall & Quilter Investment Holdings, it will partner with the MGA to target a capacity of about £1 billion of gross written premium.
A panel of highly rated reinsurers will support the program, R&Q said. The UK-based MGA writes across various products, including specialist motor, property, casualty and bonds. R&Q Accredited has supported it since its launch in 2018.
“This is a significant agreement with First Underwriting, with £1bn in gross written premium targeted over a five-year period,” said Alan Quilter, R&Q Group CEO.
“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.’’