Approval of two Managing Gene

RNS Number : 8984V

Randall & Quilter Inv Hldgs PLC

10 November 2010

 



Date:	10 November 2010
On behalf of:	Randall & Quilter Investment Holdings plc ("R&Q", "Randall & Quilter" or the "Group")

Randall & Quilter Investment Holdings plc

■         Approval of Group's first two Managing General Agents

The Board of Randall & Quilter (AIM: RQIH), the specialist non-life insurance investor, service provider and underwriting manager, is pleased to confirm that it has received regulatory approval for its first two Group owned Managing General Agents ('MGAs'), R&Q Commercial Risk Services Ltd and R&Q Risk Services Canada Ltd.  Both MGAs have now commenced underwriting.

R & Q Commercial Risk Services Ltd, which has capacity provided by a European insurer, will initially provide Commercial Combined, Liability, Property Owners and Package Insurance products to a select regional and London broker base.  The Business is being led by James Wheddon who was previously responsible for the creation of the Commercial Division at HSBC Insurance Brokers Intermediary Marketing Practice.  Prior to that, James held a number of senior management roles at Axa Insurance UK Plc.

R&Q Risk Services Canada, which has capacity provided by three Lloyd's syndicates, provides Professional Liability and Management Liability coverage, including companion Commercial General Liability, focusing on both individual accounts and schemes/programmes.  The business is headed up by Scott Saddington, who has had extensive underwriting and management experience in Canada, the United States and Asia-Pacific, with AIG, Liberty International, Munich Re and Executive Risk. 

Ken Randall, Chairman and Chief Executive Office of R&Q, said:

"Having secured capital support from high quality and well established insurers, we are delighted that both MGAs are now fully authorised and trading.  We will work closely with the team to help them fulfil their business plans by extending their reach, product range and relationships over the coming years.  

This news is further evidence of the successful development of our new Underwriting Management division, which comprises our Turnkey and Delegated Underwriting activities."

Tim Riddell, Head of Delegated Underwriting at R&Q, commented:

"We are delighted to welcome James, Scott and their respective teams to R&Q.  Their track-record and experience have been well supported by the market.  We look forward to providing clients with the products they demand as well as delivering an acceptable return to our risk carriers. 

Further opportunities to form and acquire delegated underwriting businesses are currently being examined and we continue to seek out the best underwriting talent to further enhance our capabilities in this sector."

Enquiries to:

Randall & Quilter Investment Holdings plc	www.rqih.co.uk
Tom Booth	Tel: [phone]
Numis Securities Ltd
Stuart Skinner (Nominated Advisor)	Tel: [phone]
Charles Farquhar (Broker)	Tel: [phone]
Shore Capital Stockbrokers Limited
Dru Danford / Stephane Auton	Tel: [phone]
Redleaf Communications (Corporate PR)	r&[e-mail]
Emma Kane/ Alicia Jennings	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. £74m as at 30 June 2010;

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

-    A team of approximately 315 insurance professionals based in the UK, USA, Canada and Bermuda.

The Group was founded by Ken Randall, Executive Chairman and Chief Executive, and Alan Quilter, Group Finance Director 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.

 

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