Ken Randall Announces Retirement Date

RNS Number : 4432S

Randall & Quilter Inv Hldgs Ltd

09 July 2020

 

 

9 July 2020

Randall & Quilter Investment Holdings Ltd.

("R&Q", or the "Company")

Ken Randall Announces Retirement Date

Co-founder Ken Randall to retire as Executive Chairman in 2021, succeeded by William Spiegel

The Board of Directors of Randall & Quilter Investment Holdings Ltd. (AIM:RQIH), today announces that Ken Randall, Executive Chairman of the Company and co-founder of R&Q, has notified the Board of his intention to retire as Executive Chairman and step down as a Director of the Company with effect from 31 March 2021. 

The news follows the announcement on 13 January 2020 of the appointment of William Spiegel as Executive Director and Deputy Group Chairman as part of the Company's succession plan. William will succeed Ken as Executive Chairman with effect from 1 April 2021.

Ken co-founded R&Q in 1991 alongside Alan Quilter, with the company playing a pioneering role in the growth and development of the then nascent legacy market, now worth over $800bn according to PwC. Today, R&Q is a leading non-life global specialty insurance company operating two highly complementary, businesses: Program Management and Legacy Insurance. R&Q recently reported pre-tax profits of over £40 million for the financial year ended 31 December 2019.

Ken Randall, Executive Chairman, said: "Today, the opportunities for R&Q are arguably the greatest since I founded the business with Alan nearly 30 years ago as the significant secular growth in our two core markets, legacy and program management, continues to accelerate. In addition, the strength of the management team we have built gives me great confidence in our ability to capitalise on these opportunities. R&Q has always been a business that combines entrepreneurialism, boldness and innovation and, in William, I am delighted to have identified a successor who encapsulates these values. Since his joining in January I have been deeply impressed with William's energy, drive and vision, reinforcing my confidence in him as the right individual to take R&Q forward when I retire.

"I am hugely proud of the business R&Q has become, but I will save my thanks and reflections until next April. While, as both a co-founder and major shareholder, this smooth succession gives me great comfort, my focus today remains very much on delivering against the ambitious plans we have."

William Spiegel, Deputy Executive Chairman, said: "It will be a great honour to succeed Ken, a true pioneer and genuine legend in our industry. I look forward to properly celebrating all Ken has achieved in nine months' time, but in the immediate term I know he would not want to distract focus as we look to build on a record 2019. Ken has been instrumental in creating a unique business in R&Q; I'm excited to accept the challenge and responsibility of building on its culture of success and look forward to continuing to work closely with Ken over the coming nine months to ensure a smooth transition while benefiting from his unrivalled experience."

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Randall & Quilter Investment Holdings Ltd. Ken Randall William Spiegel Tel: [phone] Tel: [phone] Numis Securities Limited (Nominated Adviser) Stuart Skinner Tel: [phone] Charles Farquhar Tel: [phone] Shore Capital Stockbrokers Limited Stephane Auton James Thomas Tel: [phone] FTI Consulting Edward Berry Tom Blackwell Tel: [phone]

Notes to Editors:

About R&Q 

R&Q is a non-life global specialty insurance company operating two core, highly complementary, businesses: Program Management and Legacy Insurance. Both these businesses are leaders in markets with high barriers to entry and significant secular growth opportunities. 

Legacy Insurance generates profits and capital extractions from expert management of legacy non-life insurance portfolios. Program Management generates commission income from its licensed (and rated) carriers in the US, EU and the UK, writing niche and profitable program business, largely on behalf of highly rated reinsurers.

For the financial year ended 31 December 2019 R&Q reported pre-tax profits of over £40 million.

Legal Entity Identifier (LEI): 2138006K1U38QCGLFC94

Website: www.rqih.com

 

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