Following its recent entry into the US E&S market, Randall & Quilter Investment Holdings Ltd (R&Q) has consolidated its two US program operations as Accredited America under the leadership of former Aon executive Pat Rastiello.
Accredited America is the new brand name for both R&Q’s established admitted program arm and its recently launched E&S business, which underwrites non-admitted program business via the Arizona-domiciled and A.M. Best A- (Excellent) rated Accredited Specialty Insurance Company (ASIC).
Accredited provides fronting capacity for MGAs and sits between them and their reinsurers, which supply the underwriting capital. The program market is thought to be expanding rapidly as MGAs become an increasingly popular platform for entrepreneurial underwriters and reinsurers keen to access business directly.
Rastiello – who joined the London-listed group last year and has spearheaded ASIC’s recent launch – will now also lead the group’s admitted program arm, Accredited Surety and Casualty Company (ASCC).
Supporting Rastiello as Accredited America president is a three-person senior management team consisting of Tony Barner as SVP and CUO in charge of admitted business; Paul Amrose as SVP and CUO, E&S property; and Dawn Puro as SVP and CUO, E&S casualty.
Speaking today, Rastiello commented: “A single brand and management structure for R&Q Accredited’s admitted and non-admitted business provides greater clarity and purpose to all our stakeholders, including our clients and prospective client MGAs, reinsurers and our highly valued broker partners.”
He continued: “I am delighted and honoured to lead the new Accredited America platform which further enhances our market presence and will provide the structure to continue our strong growth momentum and to continue delivering on behalf of our MGA clients.”
Click here for the full press release, courtesy of The Insurer.
