Novation

RNS Number : 7957S

Randall & Quilter Inv Hldgs Ltd

28 December 2016

 

Randall & Quilter Investment Holdings Ltd.

R&Q completes novation from the Coca-Cola Bottlers' Association

28 December  2016

Randall & Quilter Investment Holdings Ltd.("R&Q") is pleased to announce the novation of the Workers' Compensation, General Liability, Auto Liability and Auto Property Damages reinsurance policies issued between 2002 and 2016 by Georgia Atlantic Insurance, Ltd. ("GAIL'), a wholly owned, Bermuda based captive of the Coca-Cola Bottlers' Association, Inc ("CCBA"). GAIL's estimated undiscounted reserves for these policies, adjusted for recently paid claims is circa $21.5m. 

The policies were novated to an R&Q owned cell in our Bermuda based segregated account company, R&Q Quest Insurance (SAC) Limited. 

Ken Randall, Chairman and Chief Executive Officer of R&Q, explained "We are delighted to complete this good sized novation with the Coca Cola Bottlers' Association and to offer them a clean break from their legacy insurance liabilities. This transaction continues to demonstrate our market leading position in captive legacy solutions across North America and Europe and is further proof of our rapidly growing success in the North American run-off market generally. We are  pleased to be able to assist CCBA in the restructuring of this program."

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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;

·      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 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 £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 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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