Loss Portfolio Transfer

RNS Number : 7056K

Randall & Quilter Inv Hldgs Ltd

24 April 2020

 

Randall & Quilter Investment Holdings Ltd.

Loss Portfolio Transfer with Repwest Insurance Company

24 April 2020

Randall & Quilter Investment Holdings Ltd. ('R&Q' or 'the Group') is pleased to announce that it has entered into a Loss Portfolio Transfer Reinsurance Contract and a Transfer Agreement with Repwest Insurance Company ("Repwest").  Repwest is based in Phoenix Arizona and is a wholly owned subsidiary company of AMERCO.  AMERCO is also the parent company of U-Haul, North America's largest "do-it-yourself" moving and self-storage operator.

This transaction assists Repwest towards its target of reaching economic finality of its Assumed Re run-off business, which it underwrote from 1978 through 2003.  Aon served as the reinsurance broker for this transaction.

Paul Corver, R&Q Group Head of M&A, commented: "We are delighted to have completed this Loss Portfolio Transfer with the mutual intention to undertake an Insurance Business Transfer in Oklahoma, subject to appropriate approvals. This once again proves our capabilities to utilize our international team to provide full finality legacy solutions across the US and Europe.  Our legacy pipeline across the Group remains strong despite the current turmoil from COVID-19 and we look forward to closing more transactions in the coming months."

Ends

Enquiries to:

Randall & Quilter Investment Holdings Ltd. www.rqih.com Paul Corver Tel: [phone] Numis Securities Limited Stuart Skinner (Nominated Adviser) Tel: [phone] Charles Farquhar (Broker) 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

 The overall mission of the Bermuda based Group is to:

· Generate profits and capital extractions from expert management of legacy non-life insurance acquisitions/reinsurances, including in Lloyd's; and

· Grow commission income from its licensed (and rated) carriers in the US and EU/UK, writing niche and profitable program business, largely on behalf of highly rated reinsurers.

Our aim is to continue to grow sustainable profit streams to support our business model and increase book value and cash distributions to shareholders.

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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