R&Q completes Loss Portfolio Transfer

RNS Number : 3571I

Randall & Quilter Inv Hldgs Ltd

19 June 2017

 

 

Randall & Quilter Investment Holdings Ltd.

R&Q completes Loss Portfolio Transfer with Fortune 500 Insurance Group

19 June 2017

Randall & Quilter Investment Holdings Ltd. ("R&Q") is pleased to announce it has written a Loss Portfolio Transfer reinsurance contract to assume a Bonds portfolio issued by a Fortune 500 Insurance Group.  The estimated undiscounted liabilities assumed are c. $46.5m.  R&Q worked in conjunction with Guy Carpenter to successfully complete this transaction.

Ken Randall, Chairman and Chief Executive Officer of R&Q, commented:

"We are delighted to complete this LPT of surety business, a special focus of Accredited Surety & Casualty, our A- rated US admitted carrier.  This transaction demonstrates our ongoing commitment to expand our legacy liability solutions to counterparties within the North American market."

Ends

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 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 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 £161m as at 31 December 2016;

·      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 £5.6m as at 31 December 2016

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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