Loss Portfolio Transfer

RNS Number : 9078Z

Randall & Quilter Inv Hldgs Ltd

24 September 2020

 

Randall & Quilter Investment Holdings Ltd.

Loss Portfolio Transfer and Insurance Business Transfer with Allianz SE

24 September 2020

Randall & Quilter Investment Holdings Ltd. ("R&Q") is pleased to announce that, with the close assistance of Black Forest Reinsurance Consulting ("BFRC"), it has transacted a Loss Portfolio Transfer with Allianz SE, Germany ("Allianz"). The reinsurance is being provided by R&Q's A.M. Best A- (Excellent) rated carrier in Malta, Accredited Insurance (Europe) Limited ("Accredited").

With this transaction Allianz reaches economic finality of a third-party reinsurance portfolio that has no active client relationships and that was underwritten from 1976 onwards. Further, this transaction also encompasses the mutual interest to undertake an Insurance Business Transfer of the portfolio to Accredited, subject to regulatory approvals.

Paul Corver, Group Head of M&A at R&Q, explained: "We are delighted to have completed this Loss Portfolio Transfer with the mutual intention to follow on with an Insurance Business Transfer from Germany to Malta. We have assumed numerous portfolios of business from across Europe into our rated Maltese platform which provides complete finality to the cedant and the accompanying capital relief. We are very pleased to have executed this transaction with Allianz and once again it 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 and we look forward to working closely with BFRC to conclude further Continental European legacy opportunities in the near future."

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

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.

 

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