14th Jul 2016 08:18
LONDON (Alliance News) - Non-life insurance investor Randall & Quilter Investments Holdings Ltd on Thursday said its Accredited Surety & Casualty Company Inc subsidiary has entered an underwriting agreement with East Coast Surety Agency LLC
East Coast Surety is a subsidiary of CB Holdings Group Inc and affiliate of Boston Indemnity Co Inc and Bondex Insurance Co. East Coast Surety, Boston Indemnity and Bondex all specialise in providing surety bonds to small and medium-sized companies.
Under the agreement, Randall & Quilter's unit will retain a small percentage of the underwriting.
"We have successfully launched the first phase of our plan to broaden the business model for Accredited, which was acquired by the Group at the end of 2014. Accredited is authorised to underwrite a wide range of domestic insurance business across the USA and has recently received approval to accept loss portfolio transfers of certain classes of domestic US legacy business," said Ken Randall, Randall & Quilter's chairman and chief executive.
Shares in Randall & Quilter were untraded on Thursday, having last traded at 93.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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