Completion of Novation

RNS Number : 7927Z

Randall & Quilter Inv Hldgs Ltd

01 June 2016

 

Randall & Quilter Investment Holdings Ltd.

R&Q completes novation from a Cayman captive

1 June 2016

Randall & Quilter Investment Holdings Ltd. ("R&Q") is pleased to announce the novation of liabilities for policy years 2003 - 2011 from Westland Insurance Company ("Westland"), a Cayman domiciled entity, to the R&Q owned segregated account company in Bermuda, R&Q Quest (SAC) Limited. 

The captive provided Workers' Compensation, General Liability, Auto Liability and Auto Physical Damage coverage to its members through reinsurance beginning on September 1, 2003.  These policies were fronted by Travelers Indemnity Company.

Ken Randall, Chairman and Chief Executive Officer of R&Q, explained "We are pleased to complete another novation, which continues to demonstrate our market leading position in providing captive exit solutions.  It is one of several recent transactions that we have executed in Cayman, one of the world's premier captive domiciles".

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 2016;

·      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 2016, of which R&Q holds a 50% interest

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

Website: www.rqih.com

 

END

 

 

MSCAKDDPPBKDBPN