Novation

RNS Number : 0333K

Randall & Quilter Inv Hldgs Ltd

24 December 2015

 

Randall & Quilter Investment Holdings Ltd.

R&Q completes novation from a Cayman captive

24 December 2015

Randall & Quilter Investment Holdings Ltd. ("R&Q") is pleased to announce the novation of liabilities for policy years 2000 - 2003 from Golden Rule, Ltd., a Cayman domiciled entity, to the R&Q owned segregated account company R&Q Quest (SAC) Limited. 

Golden Rule is domiciled in the Cayman Islands.  The captive provided Workers' Compensation, General Liability, Auto Liability and Auto Physical Damage coverage to its members through reinsurance beginning on January 1, 2000.  These policies were fronted by Travelers Indemnity Company.

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

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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;

·      has a team of over 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 £114.5m as at 30 June 2015;

·      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 £150m for 2015, manages one RITC ('run-off') syndicate, 3330, and owns and operates 2 MGA business units;

·      acquires and manages a portfolio of insurance receivables, with a carrying cost of £12.7m as at 30 June 2015, of which R&Q holds a 50% interest

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

Website: www.rqih.com

 

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