International re/insurance MGA of the Aventum Group Rokstone has announced a multi-year, multi-strategy capacity agreement with Accredited Insurance Program Management, a global program manager. The partnership encompasses both US and international business.
This agreement represents a significant step for both companies. Rokstone explained that Accredited's enhanced financial strength and expanded capabilities will support the company in developing its specialty insurance solutions and expanding its market presence.
Accredited, recently acquired by Onex Partners, writes more than $2 billion in gross premiums and holds an A- (Excellent) financial strength rating from AM Best.
James Potter (pictured above), CEO of Rokstone, commented on the partnership, noting that the deal provides additional security and a seamless execution process for broker partners.
Rokstone has maintained strong relationships with a range of leading carriers, including Allianz and Munich Re, enabling the development of a diverse portfolio of non-correlating business.
William Spiegel, CEO of Accredited, described the partnership as the company's first major collaboration as an independent platform, aligning with its strategy to work with leading MGAs.
Spiegel further acknowledged Rokstone's growth, supported by sophisticated underwriting, and expressed anticipation for helping them continue to build their offerings and reach.
Expanding into New Lines and Territories
Rokstone's CEO, Potter, highlighted the significance of securing additional capacity to support the company's expansion into new lines and target territories. He stated, “Securing additional capacity like this gives us the headroom and certainty we need to expand further into new lines and target territories.”
This statement underscores Rokstone's commitment to growth and its strategic approach to leveraging partnerships to achieve its goals. The capacity agreement with Accredited provides the financial flexibility and resources needed to venture into new markets and explore innovative insurance solutions.
Strategic Alignment and Growth Potential
The partnership between Rokstone and Accredited demonstrates a strategic alignment between two companies seeking to expand their reach and enhance their offerings. The deal signifies the growing importance of MGAs in the insurance market and the value they bring to both carriers and brokers.
For Rokstone, the agreement represents an opportunity to leverage Accredited's financial strength and global reach to broaden its client base and expand into new markets.
Accredited, on the other hand, gains access to Rokstone's expertise in specialty insurance and its established network of brokers, providing a valuable opportunity to diversify its portfolio and expand its risk profile.
Looking Ahead: The Future of Specialty Insurance
This partnership is indicative of the evolving landscape of the insurance industry. MGAs are playing an increasingly important role in connecting carriers with brokers and clients, offering specialized solutions tailored to specific needs.
As the market for specialty insurance continues to grow, we can expect to see more strategic collaborations between MGAs and carriers like the one between Rokstone and Accredited. This partnership serves as a model for how these two entities can work together to navigate the complexities of the insurance landscape, capitalize on emerging opportunities, and ultimately create value for all stakeholders.
This partnership is a testament to the growing importance of MGAs in the insurance market. It also highlights the value they bring to both carriers and brokers. MGAs can provide brokers with access to a wider range of specialty insurance products and services, while also helping carriers to diversify their portfolios and expand their reach.
In June, Rokstone also announced the appointment of Graham Amato to launch a new global sports personal accident portfolio.
The new portfolio will launch with A-rated capacity, offering tailored, Lloyd’s-approved wordings for various sports, including motorsport, golf, tennis, and football. These wordings will cover the four key risks of accidental death, permanent total disablement, temporary total disablement, and medical expenses and repatriation.
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