6 January, 2014
R&Q MGA Ltd (‘R&Q MGA’), the specialist global MGA platform of Randall & Quilter, is pleased to announce that R&Q Marine Services will be able to offer yacht insurance buyers immediate capacity to insure vessels for up to €235 million, from 1 January 2014.
R&Q Marine Services, with support from their brokers and underwriters, has shown solid growth in 2013 and its increased line size further enhances its marine platform as it continues to build its product offerings to the marine industry.
The increased capacity is part of R&Q’s commitment to expand its global MGA offering, which has successfully built distinct specialist platforms across a variety of niche lines, ranging from high net worth to marine and recently opened a third UK office in Birmingham.
Paul Miller, Director of Underwriting commented:
“The growing size and sophistication of today’s mega-yachts has led us to seek increased capacity. Looking at the values of recent deliveries and the size (in excess of 80 metres) of the new build fleet due for delivery in 2014 & beyond, increasing our capacity is an obvious way to enable us to maintain our service levels to clients and brokers alike.”
Nicholas Hales, CEO of R&Q MGA Limited, said:
“We are extremely pleased that both the Lloyd’s and Company insurance markets have responded positively in support of this initiative. It gives the R&Q Marine team a capacity and line size rarely seen within an MGA and shows a true commitment to Paul Miller and his team. We believe that this increased capacity responds to the increase in values within the mega-yacht portfolio seen over the last few years, and will assist the broker community in meeting clients’ needs within this specialist area.”
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