Randall & Quilter enters Malta underwriting agreements

AIM-listed Randall & Quilter's Malta subsidiary has entered into delegated underwriting agreements with UK motor insurance providers Xpekt and Blagrove Underwriting Agency.

Xpekt is a UK motor MGA specialising in rural private and commercial vehicles, motorcycles and specialist vehicles with anticipated annualised gross written premiums of £15.6m, while Blagrove specialises in UK fleet with expected annualised GWP of £11.6m.

These programmes are in addition to the UK motor book being written with Eridge Underwriting Agency and the Irish motor book with Footprint Underwriting DAC.

Chairman and chief executive officer Ken Randall said: "We are delighted to have entered into these programmes with support provided by highly rated reinsurers. As has been previously announced, the group is simplifying its strategy to focus on its core legacy acquisition activity and revenue generation through writing programme business from our Maltese (RQIM) and Florida (Accredited Surety & Casualty Company) licenced insurers.

“We have a full pipeline of opportunities across EU and US and I remain excited about this strategic development for the group."

At 1315 GMT, the shares were down 1.9% to 130p.