R&Q completes assignment of deductible liabilities

RNS Number : 2070R

Randall & Quilter Inv Hldgs Ltd

21 September 2017

 

Randall & Quilter Investment Holdings Ltd.

R&Q completes assignment of corporate large deductible liabilities

21 September 2017

Randall & Quilter Investment Holdings Ltd. ("R&Q") is pleased to announce the assignment of insurance liabilities under deductible policies.

The underlying liabilities relate to workers' compensation policies issued between 1988 and 2012 to a US corporate from a large US carrier. This transaction allowed the carrier to assign the insurance liabilities under the deductible policies, therefore providing full finality to the corporate, while keeping the original carrier fully collateralized. The outstanding liabilities are estimated to be circa $24m.  

Ken Randall, Chairman and Chief Executive Officer of R&Q, commented: "We are pleased to complete this assignment with a large US carrier. This transaction is a further example of R&Q's innovative structures which allowed the carrier to provide full finality to its client through a partnership with R&Q while keeping the original carrier fully collateralized."

Ends

Enquiries to:

Randall & Quilter Investment Holdings Ltd. www.rqih.com Tom Booth Tel: [phone] Numis Securities Limited (Nominated Adviser) Stuart Skinner Tel: [phone] Charles Farquhar 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 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 over 400 insurance professionals based in Bermuda, the US 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 Bermuda, the  US and Europe with net assets of £201m as at 30 June 2017;

·      owns an admitted P&C Insurer, A- rated by AM Best, with licenses throughout the US; owns a Bermuda Class 3A insurance company;

·      launched Syndicate 1991, which commenced underwriting from January 1, 2013 and has an agreed capacity of £127m for 2017, 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 £5.1m as at 30 June 2017

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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