R&Q appoints Chief Restructuring Officer

RNS Number : 4700O

Randall & Quilter Inv Hldgs Ltd

02 October 2019

 

 

Randall & Quilter Investment Holdings Ltd.

2 October 2019

R&Q appoints Mike Walker from KPMG as Chief Restructuring Officer

Randall & Quilter Investments Holdings Ltd ("R&Q"), the non-life legacy insurance investor and capacity provider of US and European program business is pleased to announce the appointment of Mike Walker, former partner at KPMG.

A newly created senior executive role, Mike Walker will be responsible for optimising the structures of R&Q's acquired discontinued business assets.

The new position comes at a time when R&Q is enjoying success in executing on its strategy of acquiring larger legacy (re)insurance portfolios where there are opportunities for releasing excess capital.

Mike Walker joins R&Q from KPMG where he was a Partner for over 15 years and occupied a number of senior roles, most recently as Global Head of Insurance Restructuring.  In that capacity, he has been involved in some of the largest insurance restructurings in the UK and internationally and has also worked extensively on providing advice to companies with discontinued insurance business, dealing with all aspects of operations including transition to run off, strategic reviews and assessing finality options.  He has also been involved in a number of business transfers and has been responsible for the restructuring - through the scheme of arrangement process - of over 150 companies and run off portfolios.

Ken Randall R&Q Executive Chairman, commented "We are delighted that Mike is joining R&Q's senior management team. The recent completion of our Global Re transaction - the largest acquisition in R&Q's history - demonstrates that we are enjoying success in delivering on our strategy of acquiring larger legacy portfolios. As a consequence, Mike's restructuring experience will be of great value to the firm in optimising the structures of our acquisition portfolio".

Mike Walker added: "I have known R&Q since its formation in 1991 and have great admiration for Ken Randall, Alan Quilter and their colleagues. 

"After 30+ years at KPMG, I am delighted to be joining R&Q and am looking forward to managing the firm's acquired discontinued business assets".

Mike Walker joins R&Q on 7 October.

Ends

Randall & Quilter Investment Holdings Ltd. Ken Randall Tel: [phone] Numis Securities Limited (Nominated Adviser) Stuart Skinner Tel: [phone] Charles Farquhar Tel: [phone] Shore Capital Stockbrokers Limited Stephane Auton 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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