Accredited Surety and Casualty Company, Inc. (ASC), a subsidiary of Randall & Quilter (R&Q), has entered into an agreement with Cinium Financial Services Corp., based in Miami.
Cinium specializes in providing surety bonds to small and mid-size companies in the “non-standard” surety market. ASC will retain a small percentage of the business combined with A rated reinsurance.
ASC is a Florida-domiciled property and casualty insurance company. ASC was purchased in November 2014 by Randall & Quilter as part of its strategy to underwrite admitted business in the United States.
According to Ken Randall, chairman and CEO of R&Q, the company has completed its first phase of its plan to broaden the business model for Accredited. He said Accredited is authorized to underwrite a wide range of domestic insurance business across the USA.
“With the support of a number of highly-rated domestic, Lloyd’s and international reinsurers, our aim is to generate sustainable service fee income for the group,” Randall said. “I believe that Accredited has the potential to become a meaningful source of income for Lloyd’s and other international reinsurers who are not authorised to underwrite such domestic USA business. We see significant growth potential for Accredited and we expect to be making further announcements in due course, as and when specific transactions have been concluded.”
Topics Casualty
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