Accredited Agreement

RNS Number : 5556U

Randall & Quilter Inv Hldgs Ltd

19 January 2017

 

Randall & Quilter Investment Holdings Ltd.

Accredited Surety and Casualty Announces Agreement with Cinium Financial Services Corp.

19 January 2017

Accredited Surety and Casualty Company, Inc. ("ASC"), a subsidiary of Randall & Quilter ("R&Q"), is pleased to announce it has entered into an agreement with Cinium Financial Services Corp. ("Cinium").  Cinium specializes in providing surety bonds to small and mid-size companies in the "non-standard" surety market.  ASC will retain a small percentage of the business combined with A rated reinsurance.

Accredited Surety and Casualty Company, Inc. is a Florida domiciled property and casualty insurance company.  It is rated "A- Excellent" by A.M. Best.  ASC was purchased in November 2014 by Randall & Quilter as part of its strategy to underwrite admitted business in the United States.

Ken Randall Chairman and Chief Executive Officer of R&Q, commented:  "We have successfully launched the first phase of our plan to broaden the business model for Accredited, which was acquired by the Group at the end of 2014.  Accredited is authorised to underwrite a wide range of domestic insurance business across the USA.

With the support of a number of highly rated domestic, Lloyd's and international reinsurers, our aim is to generate sustainable service fee income for the group.  I believe that Accredited has the potential to become a meaningful source of income for Lloyd's and other international reinsurers who are not authorised to underwrite such domestic USA business.  We see significant growth potential for Accredited and we expect to be making further announcements in due course, as and when specific transactions have been concluded."

Ends

Enquiries to:

Randall & Quilter Investment Holdings Ltd. www.rqih.com Tom Booth Tel: [phone] Numis Securities Limited Stuart Skinner (Nominated Adviser) Tel: [phone] Charles Farquhar (Broker) Tel: [phone] Shore Capital Stockbrokers Limited Dru Danford / Stephane Auton Tel: [phone] FTI Consulting Edward Berry/Tom Blackwell Tel: [phone]

Notes to Editors:

About R&Q

Randall & Quilter pursues a buy and build strategy and has created a comprehensive range of investment activities and services in the global non-life insurance market.

R&Q is focused on the following three core areas:

•     Insurance Investments

•     Insurance Services

•     Underwriting Management

The Group:

•     provides a range of services to both the live and legacy (re)insurance markets to support growing businesses and address complex and challenging run-off issues;

•     employs close to 400 insurance professionals based in the UK, US, Bermuda, and Europe with wide service capability in both the 'live' and 'run-off' markets;

•     owns and manages a portfolio of insurance companies, both active and in run-off, in the UK, US and Europe with net assets of £123.7m as at 31 December 2015;

•     owns an admitted P&C Insurer, A- rated by AM Best, with licenses throughout the US; owns a Bermuda Class 3A insurance company which currently supports the Group's syndicate participations;

•     launched Syndicate 1991, which commenced underwriting from January 1, 2013 and has an agreed capacity of £130m for 2016, manages one RITC ('run-off') syndicate, 3330, and owns and operates an MGA platform;

•     acquires and manages a portfolio of insurance receivables, with a carrying cost of £6.0m as at 31 December 2015, of which R&Q holds a 50% interest

The Group was founded by Ken Randall and Alan Quilter in 1991.

Website: www.rqih.com

 

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