Accredited Completes Transaction

RNS Number : 9372E

Randall & Quilter Inv Hldgs Ltd

12 May 2017

 

Randall & Quilter Investment Holdings Ltd.

Accredited writes a Blanket Vehicle Single Interest Insurance Policy

12 May 2017

Randall & Quilter Investment Holdings Ltd. ("R&Q") is pleased to announce its wholly owned 'A-' A.M. Best-rated, US-admitted insurer Accredited Surety and Casualty ("Accredited") has entered into an  agreement to provide a Blanket Vehicle Single Interest Insurance Policy. Accredited will offer and administer the BVSI Policy together with certain subsidiaries of a US financial corporation.  Accredited has no net exposure as the transaction is fully reinsured. 

Ken Randall, Chairman and Chief Executive Officer of R&Q, explained "We are delighted to complete another transaction in the US through Accredited.  The pipeline for additional programs projected to be closed in 2017 is strong. Accredited is authorised to underwrite a wide range of domestic insurance business across the US and is approved to accept loss portfolio transfers of certain classes of domestic US legacy business."

Ends

Enquiries to:

Randall & Quilter Investment Holdings Ltd. www.rqih.com Tom Booth Tel: [phone] Accredited Surety and Casualty Company, Inc Todd Campbell, CEO                                                            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 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 over 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 £161m as at 31 December 2016;

•     owns an admitted P&C Insurer, A- rated by AM Best, with licenses throughout the US; owns a Bermuda Class 3A insurance company;

•     launched Syndicate 1991, which commenced underwriting from January 1, 2013 and has an agreed capacity of £127m for 2017, 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 £5.6m as at 31 December 2016

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

Legal Entity Identifier (LEI): 2138006K1U38QCGLFC94

Website: www.rqih.com

 

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