R&Q TO RAISE ITS STAKE IN US MGA TRADESMAN

Legacy insurance and programme management specialist Randall & Quilter is to increase its stake in New York-based managing general agent Tradesman Program Managers from 35% to 40%. The transaction will also see R&Q sell its 35% interest in Roosevelt Road Re (formerly Sandell Re) to Roosevelt Road Capital Partners, Tradesman's majority shareholder. Roosevelt Road Re participates in a reinsurance panel on the business underwritten by Tradesman. The divestiture was said to be in line with R&Q’s “limited appetite” for live underwriting exposure. R&Q acquired its interest in Tradesman, which underwrites construction liability insurance, when it merged Roosevelt Road Re into Tradesman on September 1, 2020.