Randall & Quilter Investment Holdings (R&Q) has named former Aon Re executive and industry veteran Patrick Rastiello as CEO of its newly established US Excess & Surplus (E&S) program management business, Accredited Specialty Insurance Company (ASIC).
Rastiello brings 40 years of experience in the insurance market, with a particular focus on working with MGAs and programs.
He joins R&Q from Aon Reinsurance where for the last 10 years he was executive managing director, founder and leader of its MGA/Program Practice Group.
In total, Rastiello was with Aon for 23 years and is known as a leading authority on the program management and MGA sector. During his time with the global broker he launched the Ignition Forum, a major gathering for US MGAs.
Prior to Aon, he has held reinsurance and program underwriting roles both in London and the US for 17 years.
Based in Boston, he will work closely with Todd Campbell, president and CEO of Accredited Surety and Casualty Company, R&Q’s US admitted market program management company. The existing US admitted platform combined with Accredited’s European platform recently reached a milestone of over $1bn of contracted GWPs.
The senior hire comes as the London-listed run-off acquirer and fronting specialist gears up for an accelerated entry into the US E&S program market, a move welcomed by investors and analysts alike as opening up another potential avenue for significant growth for the firm.
As guided in its recent investor statement, R&Q brought forward Accredited’s planned entry into the US E&S program market to the fourth quarter of 2020.
The Insurer understands R&Q will separately capitalise a US E&S carrier that will be headquartered in Arizona. Scottsdale, Arizona is a recognised nationwide hub for the fast-growing sector.
Rastiello is the latest high-profile move by R&Q which in April raised $100mn in an equity placing backed by Miami investment firm 777 Partners and Hudson Structured, the Bermuda based ILS investor founded by the former Goldman Sachs head of global structured finance, Michael Millette.
The legacy and program management specialist recently added Bank of America investment banker Thomas Solomon as CFO while formerPine Brook co-founder William Spiegel joined the firm in January as executive director and deputy group chairman. Spiegel will succeed R&Q co-founder Ken Randall as executive chairman when he retires next year.
Commenting on the appointment, Alan Quilter, R&Q Group CEO, said: “We continue to be excited by the progress in our program management business and are pleased to welcome Pat as CEO of what will be our E&S program manager, Accredited Specialty Insurance Company. We are on track for its launch later this year, completing our strategic objective of establishing Accredited as a comprehensive program management solutions provider in all its major markets. I look forward to Pat joining and leading the growth of our E&S program offering.”
Spiegel noted that Rastiello is an “excellent addition” to R&Q’s senior management team and has an “outstanding track record” of building and growing Aon’s program businesses making him a natural choice to lead ASIC.
“I am confident that Pat’s knowledge of the E&S market as well as his long and deep relationships with the MGA community will bring significant value to ASIC. I look forward to Pat joining R&Q and working closely with him,” Spiegel continued.
Rastiello, also commented: “Accredited is a business I know well, and I’ve been impressed with how successfully the team has rapidly established a leading program manager in the US.
“The opportunity to create a meaningful E&S business as part of the Accredited platform is compelling. R&Q is an ambitious specialty insurance company with significant momentum, and I am excited to be joining its highly qualified leadership team.”
The Insurer comment:
Big name hire for R&Q which underlines the group’s ambitions in the program space and the opportunities it spies in the expanding non-admitted markets where rates are accelerating rapidly…