First Underwriting Ltd., the London-based specialist MGA that is part of Kingfisher UK Holdings, announced a five-year capacity deal to place approximately £1 billion (US$1.4 billion) of gross written premium into the market.
Working in partnership with Accredited Insurance (Europe) Ltd., and with broker McGill and Partners, the deal will provide capacity for its range of specialty products.
This extended partnership with Accredited will continue to deliver on First Underwriting’s strategy to be a total solution for its broking partners and will support new product launches planned for 2022, said the MGA in a statement.
Accredited’s underwriting program is supported by A-rated reinsurance, which is arranged by McGill and Partners, a boutique specialist re/insurance broker. Accredited is a subsidiary of Randall & Quilter Investment Holdings Ltd.
Launched in 2018, First Underwriting initially focused on specialist motor and then expanded across property, casualty and bonds. The company said it quickly established itself as a broker centric and service-led underwriter, delivering 30%-plus growth each year.
The next phase of growth will be to further diversify the book by focusing on niche non-motor lines while retaining its market-leading position in speciality motor, First Underwriting said.
“We are delighted to announce this new long-term deal, which will help support the next chapter of our journey. Accredited have supported us from our launch, and, as a result, we have formed a strong and ambitious partnership,” commented Tom Donachie, managing director of First Underwriting.
“It was important we secured a long-term deal with A-rated paper to provide our brokers and their customers with the confidence of a secure market. We plan to continue focusing on specialist lines, providing a superior service to our brokers and leaning on the experience of our team of experts,” he added.
“This is a unique and innovative capacity solution which will give First Underwriting the flexibility and scope to build and diversify into a truly multi-line underwriting business. Accredited have been a key partner since First Underwriting’s inception and it is fantastic to now have the certainty of a five-year capacity commitment from an A-rated partner,” said Jacquie Boast, CEO at Kingfisher UK Holdings.
“This new long-term contract highlights the success of the First Underwriting team and their profitable and sustainable growth over the past three years that have delivered quality business and exceptional service to their brokers and partners,” Boast added.
“This is a significant agreement with First Underwriting, with £1 billion in gross written premium targeted over a five-year period,” according to Alan Quilter, group CEO of Randall & Quilter, in a statement issued by R&Q. “Long-term partnerships will support our objective of delivering sustainable and predictable growth in our program management business and we aim to announce further agreements in 2022.”
He said this deal also expands Accredited’s existing relationship with First Underwriting, “highlighting our strategy of growing alongside MGAs we know well and with proven track records.”
About First Underwriting and Accredited
First Underwriting is wholly owned by Kingfisher UK Holdings Ltd., which is a UK division of NSM Insurance Group. Kingfisher owns, grows and acquires specialist insurance businesses. Accredited is rated as A- with a “stable” outlook by AM Best and are wholly owned by Randall & Quilter Investment Holdings, who had cash and investments in excess of $1,716 million at 30 June 2021.
Malta-based Accredited Insurance (Europe) Ltd. is licensed to write all non-life classes in all EU member states and is also A- (Excellent) A.M. Best rated. Its Malta insurance company and UK branch office enables the firm to provide a ready-made Brexit solution to European MGAs.