July 31, 2018
Randall & Quilter Investment Holdings Ltd. (‘R&Q’), is pleased to announce that its wholly owned subsidiary Accredited Surety & Casualty Company, Inc (‘Accredited’) the Florida-headquartered insurance company that is licensed in all 50 states to write admitted business, has closed its largest ever program underwriting partnership.
From 1 July 2018, Accredited began underwriting on behalf of Atlas General Services Insurance LLC (“Atlas”), the leading US program management administrator.
Headquartered in California, Atlas is one of the nation’s leading workers’ compensation administrators and has evolved to provide coverage for a number of different classes including construction, habitational risks, hotels and office/retail.
The partnership is initially focussed on workers’ compensation and is estimated to be worth an initial c$30mn in annual GWP. Atlas and R&Q expect this figure to grow significantly over the next two to three years.
It is the third new program underwriting partnership agreed by Accredited in 2018 and draws on parent company R&Q’s decades of experience in managing long-tail claims and Accredited‘s balance sheet strength which is reflected in its A- (Excellent) financial strength rating and its admitted licences in all fifty states.
Atlas works closely with a panel of highly rated reinsurance companies and Accredited will provide coverage supported by 100 percent quota share reinsurance.
Todd Campbell, CEO of Accredited, commented: “We are delighted to be working with Atlas, a ‘best-in-class’ MGA that is one of the nation’s leading providers of workers’ compensation products.”
“Accredited closed five new program underwriting partnerships in 2017 and Atlas is our third new one for 2018. With a strong pipeline of new partnerships, Accredited is excited to be delivering on our mission to be the program underwriter of choice for US MGAs and their capital partners”.
Ken Randall, CEO of R&Q, added: “This partnership with Atlas is based on R&Q and Accredited’s more than 30 years’ experience of insurance management in different risk classes and Accredited’s fully admitted status in all fifty states.
“We look forward to working with Atlas and will be making further announcements regarding additional partnerships in the second half of 2018”.
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