What can MGAs learn from the latest turbulence among capacity providers?
The problems at Accredited and Vesttoo highlight the need for managing general agencies to have good risk management in place on their capacity arrangements.
The message from R&Q chairman Jeff Hayman and its board to shareholders this week was about as stark as it gets.
R&Q was facing a rating agency downgrade, which could imperil its ability to continue trading. The financial leverage of the company is currently unsustainable. Hayman recommended selling its programme management arm, Accredited, to stabilise the rocking R&Q business.
It is now pushing shareholders to vote in favour of a sale to Canadian investment firm Onex.
The prospect of a sale has
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