Portfolio Transfers

RNS Number : 7974Q

Randall & Quilter Inv Hldgs Ltd

18 October 2013

 



Randall & Quilter Investment Holdings Ltd

 ("Randall & Quilter" or the "Company")

Completion of Portfolio Transfers into Alma Insurance Company

18 October 2013

Randall & Quilter Investment Holdings Ltd ('R&Q' or the 'Group') is pleased to announce that the portfolio transfers of certain reinsurance business from two Finnish companies, Mutual Insurance Company Fennia ("Fennia") and Mutual Insurance Company Turva ("Turva") have now completed having received all necessary approvals. The Portfolio Transfers were agreed and announced in June 2013.

Commenting on today's announcement, Ken Randall, Chief Executive Officer of Randall & Quilter, said:

"We are delighted to have successfully completed the transfers into Alma from Turva and Fennia and this demonstrates the Group's ability to provide a variety of solutions for companies wishing to dispose of their legacy run-off business and we look forward to further similar opportunities across Europe".

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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:

Since formation, Randall & Quilter has pursued a buy and build strategy to create a comprehensive range of investment activities and services in the global non-life insurance market and is focused on the following three core areas:

·     Insurance Investments;

·     Insurance Services; and

·     Underwriting Management

The Group:

·     has a team of up to 400 insurance professionals based in the UK, USA, Bermuda, and Continental Europe with wide service capability in both the 'live' and 'run-off' market;

·     has a current portfolio of 14 insurance companies and captives in run-off (from the UK, US and Continental Europe) with net assets of c.£96.4m as at 30 June 2013

·     owns a Bermuda Class 3A insurance company which currently supports the Group's four syndicate participations;

·     has launched Syndicate 1991 which commenced underwriting from January 1, 2013 with a Capacity of £76m for 2013, provides 'turnkey' management services to Lloyd's syndicate 1897, manages two RITC ('run-off') syndicates and owns and operates 3 MGA business units; and

·     acquires and manages a portfolio of insurance receivables, with a carrying cost of c. £8.9m as at 30 June 2013;

The Group was founded by Ken Randall, Executive Chairman and Chief Executive, and Alan Quilter, Chief Operating Officer.

 

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