RRCP Buyback Secures 100% Ownership of MGA Tradesman

RRCP Buyback Secures 100% Ownership of MGA Tradesman

Roosevelt Road Capital Partners (“RRCP”) today announced that it has reached agreement to buyback R&Q Insurance Holdings Ltd’s, (“R&Q”) 40% stake in Tradesman Program Managers (“Tradesman”). R&Q acquired its interest in Tradesman when it merged Roosevelt Road Re (“RRRe”) into Roosevelt Road Capital Partners (“RRCP”), Tradesman’s majority shareholder on 1 September 2020.

Following completion of the transaction in Q1 2023, RRCP will own 100% of both Tradesman and RRRe.

Tradesman continues to surpass expectations and has the capacity to write over USD $340MM in 2023, establishing itself as the leading solution for New York and New Jersey General Contractors’ General Liability (“GL”), Event Liability, Assisted Living programs and Habitational GL.

Daniel Hickey, Jr., CEO of Tradesman and RRRe, says: “We are grateful to both the past and present leadership of R&Q and Accredited Surety and Casualty Company, Inc. (“Accredited”), for supporting our programs in the past 5+ years. We have excelled and realized our growth targets. The next part of RRCP’s compelling journey requires looking forward to achieving our 5-year targets under this energized ownership structure. As we look to expand our product offerings into new geographic territories alongside our capacity partnerships (Clear Blue Insurance Group, Accredited, and Knight Insurance Company), Tradesman will continue to differentiate with integrated ‘best in class’ underwriting, claims management and loss control.”
In November 2022, Tradesman announced additional underwriting capacity via a new partnership with Clear Blue (AM Best rated A- (Excellent) FSC VIII), producing a financially stable reinsurance panel to join Tradesman’s program and allowing both parties to expand their footprint in the New York Construction market.

Finally, Daniel Hickey, Jr, commented: “Roosevelt Road Capital Partners is committed to remaining a long-term provider of casualty insurance products to our targeted industry niches. RRCP intends to remain and grow our market expertise through constant reinvestment in our company. We have responsible and dynamic expansion plans which will take RRCP to new heights.”