ASC Agreement With Cinium Financial Services
Accredited Surety and Casualty Company, Inc. [ASC], a subsidiary of Randall & Quilter [R&Q], has entered into an agreement with Cinium Financial Services Corp. [Cinium].
Cinium specializes in providing surety bonds to small and mid-size companies in the “non-standard” surety market. ASC will retain a small percentage of the business combined with A rated reinsurance.
Accredited Surety and Casualty Company, Inc. is a Florida domiciled property and casualty insurance company. It is rated “A- Excellent” by A.M. Best. ASC was purchased in November 2014 by Randall & Quilter as part of its strategy to underwrite admitted business in the United States.
Ken Randall Chairman and Chief Executive Officer of R&Q, commented: “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.
“With the support of a number of highly rated domestic, Lloyd’s and international reinsurers, our aim is to generate sustainable service fee income for the group.
“I believe that Accredited has the potential to become a meaningful source of income for Lloyd’s and other international reinsurers who are not authorised to underwrite such domestic USA business.
“We see significant growth potential for Accredited and we expect to be making further announcements in due course, as and when specific transactions have been concluded.”
