Randall & Quilter (R&Q) is planning to launch more managing general agents (MGAs) to bolster its new underwriting management division.
In 2010, the run-off specialist launched a UK and a Canadian MGA.
R&Q chief executive Ken Randall said they company was about to announce the launch of a new MGA covering equestrian events, and that there were more in the pipeline.
“You are going to see a lot of activity in this area [from R&Q] in the next six months,” Randall told Insurance Times. He added: “We are actively recruiting underwriting teams right now. We expect to become a significant player in that market over the next two or three years.”
Randall declined to name the capacity providers for the planned MGAs, but said they are all either substantial Lloyd’s underwriters or international insurance groups. “Our capital providers are all from the mainstream,” said Randall. “We are getting a very good level of support from well-established capital providers.”
The new MGAs will be based in the UK but will not all necessarily write UK business.
R&Q’s underwriting services division was launched at the beginning of 2010. In addition to underwriting through MGAs, it acts as a managing agent for start-up launch syndicates.
The division made a loss of £1m in 2010 as it invested in staff and infrastructure. R&Q as a whole made a profit after tax of £6.4m in 2010, compared with a loss of £171,000 in 2009.
For more, read: R&Q looks to underwriting division for future profit.
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