R&Q reports 'flurry of activity' at end of 2022

17th Jan 2023 13:38

(Sharecast News) - Non-life programme management and legacy insurance specialist R&Q updated the market on its programme management business on Tuesday.

The AIM-traded firm said R&Q Accredited approved partnerships with seven new programmes in December.

It said the programmes would begin writing business over the course of the first quarter, with an anticipated total gross written premium of $130m over the next 12 to 15 months.

The new programmes included expanding existing partnerships for Accredited America with three new programs with Falvey Insurance Group and one with Southern Star MGA, as well as new programme partnerships for Accredited America with Platinum Specialty Underwriters, LLC and Cover Whale, and new program partnership for Accredited Europe with For Broker GmbH - its first MGA partner in Germany.

"Our programme management business ended 2022 with a flurry of activity as we approved and began onboarding a number of new programmes," said executive group chairman William Spiegel.

"We continue focusing on diversifying our business while also deepening our relationships with existing partners.

"It is exciting to see our growth being delivered across our three platforms - US Admitted, US Non-Admitted, and Europe - including our first program partnership in Germany."

Spiegel said that in 2023, the company expected continued growth from its existing partners, as well as the onboarding of further new managing general agents.

"Our pipeline remains strong and we believe we are well placed as a partner of choice for leading MGAs in the US, UK and Europe."

At the close on Tuesday, shares in R&Q Insurance Holdings were up 3.93% at 74p.

Reporting by Josh White for Sharecast.com.