8 August, 2016
R&Q Commercial Risk Services (“R&Q CRS”), part of R&Q MGA, is delighted to announce a new long term capacity agreement, increasing total underwriting capacity to £15m.
The three year agreement will see R&Q CRS supported by four Lloyd’s syndicates and in addition to increasing its capacity, the deal will allow R&Q CRS to write significantly larger line sizes for its Property Owners products. In turn, this will contribute to R&Q CRS’s strategic objective of doubling in size over the next three years.
James Wheddon, Head of R&Q Commercial Risk Services, commented:
“We are delighted to announce this new long-term capacity agreement; it’s a reflection of both the quality of the business written by R&Q CRS and the appetite from Lloyd’s players to underwrite a greater share of UK SME business. Securing long term capacity from the A+ rated Lloyd’s market will also give significant comfort to our network of independent brokers and their clients, with a number experiencing turbulent capacity changes in today’s market.
“Business will be written on the new facility with effect from the 1st September through the open market and our hugely popular “mi-binder.com” delegated authority platform. It also follows our recent launch of embedded cyber cover for all commercial combined and package products.
“Ultimately, these initiatives are aimed at making the lives of brokers easier. With our ability to offer local brokers the products they need through London and our regional Manchester and Birmingham hubs, we believe that R&Q Commercial Risk Services can be the MGA of choice for the UK’s independent brokers.”
Keith Stern, Regional Manager, UK & Ireland, Lloyd’s of London, commented:
“Over the last five years Lloyd’s has achieved significant progress in its initiative to make our SME products more accessible to UK regional brokers and R&Q CRS continues to be one of our key partners on that journey.
“Multiple Year Binding Authority Agreements were launched with effect from 1st January this year to provide a more competitive and flexible framework for Lloyd’s coverholders. The three year arrangements will provide support to long term relationships with coverholders thus making it easier to do business at Lloyd’s. It is hugely encouraging to see R&Q MGA and their supporting Lloyd’s syndicates have signed up to this new agreement.”