Agreement to acquire Yacht & Marine Portfolio

RNS Number : 6232U

Randall & Quilter Inv Hldgs PLC

23 December 2011

 



Date:	23 December 2011
On behalf of:	Randall & Quilter Investment Holdings plc ("R&Q" or the "Group")
For immediate release

A number of changes have been made to the announcement released on 23 December 2011 at 07.00hrs under RNS 5521U. The full amended text is shown below.

Randall & Quilter Investment Holdings plc

Correction: Agreement to acquire Yacht and Marine Trades  Portfolio

Randall and Quilter Investment Holdings plc (R&Q), the AIM listed specialist insurance investor, service provider and underwriting manager, is pleased to announce reaching an agreement to transfer the Yacht and Marine Trades portfolio from Underwriting Risk Services Ltd (URSL), a subsidiary of Talbot Underwriting Holdings Limited to R&Q Marine Services Ltd (RQMS), a newly created MGA subsidiary of R&Q MGA Ltd, the holding company for R&Q's global MGA activities.

In 2011, the expected gross premiums written in URSL will be c. £16m.

The anticipated date of transfer, subject to customary deliverables and binder endorsements is 1 January 2012 and involves:

·     All associated Yacht and Marine trades staff; and

·     R&Q taking on the run-off of existing policies.

The proposed transfer will be completed for a nominal consideration with R&Q assuming the responsibility for running off the existing policies.

URSL's current Managing Director, Nicholas Hales, will take up the position of CEO of R&Q MGA Ltd, subject to Lloyd's and FSA approval. Nicholas will be responsible for R&Q's Global MGA platform including RQMS.

URSL's current Underwriting Director, Paul Miller, will take up the position of Underwriting Director of RQMS.

This latest agreement demonstrates the progress R&Q has made in attracting experienced underwriting teams and rapidly building a diversified portfolio of specialist MGAs, supported by third party capital. The proposed transfer of the URSL portfolio follows shortly after the Group announced the purchase of the High Net Worth MGA, Synergy Insurance Services (UK) Limited. Both deals complement the existing Global MGA platform which also includes R&Q Just Underwriting, R&Q Risk Services Canada and R&Q Commercial Risk Services UK.

Nicholas Hales stated, "We are delighted to have agreed the transfer and are humbled at the support and encouragement shown to us by all underwriters, including Talbot, which will remain leader of the R&Q binders. From a personal perspective, it is an exciting time to be joining R&Q and I look forward to working with everyone in growing the existing MGA businesses and developing the wider MGA platform into a major force within the group".

Commenting on today's announcement, Ken Randall, Chief Executive Officer of Randall & Quilter, said:. We are delighted that the transfer of this high quality book of Yachts and Marina business has been agreed and will continue to be supported by its key underwriting markets, including Talbot. There is considerable expertise and experience within the transferring staff. Paul Miller is a highly respected Yacht underwriter in the market, and we are very pleased that Nick Hales will now head up our growing MGA platform."

A further announcement will be made on completion of the transfer.

Enquiries to:

Randall & Quilter Investment Holdings PLC               www.rqih.co.uk  

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                                                                            

Neil Doyle/Edward Berry                                              Tel: [phone]

Notes to Editors:

Since formation, Randall & Quilter has pursued a buy and build strategy to create a comprehensive range of investment activities and services in the global non-life insurance market and is focused on the following four core areas:

-          Insurance Investments;

-          Insurance Services;

-          Underwriting Management; and

-          Captives.

The Group currently:

-              has a portfolio of nine insurance companies in run-off (from the UK, US and Europe) with net assets
               of c.£72.2m as at 30 June 2011;

-              acquires and manages a portfolio of insurance receivables, with a carrying cost of c. £5.5m as at 30
               June 2011;

-              has wide service capability in both the 'live' and 'run-off' markets;

-             has a team of approximately 350 insurance professionals based in the UK, USA, Bermuda, Canada
              and Gibraltar; and

-            provides 'turnkey' management services to new Lloyd's syndicate 1897, manages two RITC ('run- 
             off') syndicates and owns and operates three MGAs.

The Group was founded by Ken Randall, Executive Chairman and Chief Executive, and Alan Quilter, Chief Operating Officer, who both have extensive experience in the industry including as Head of Regulation of Lloyd's and as Head of the Market Financial Services Group respectively.

 

END

 

 

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