R&Q completes novation

RNS Number : 2065R

Randall & Quilter Inv Hldgs Ltd

20 September 2017

 

Randall & Quilter Investment Holdings Ltd.

R&Q completes novation from a Cayman group captive

20 September 2017

Randall & Quilter Investment Holdings Ltd. ("R&Q") is pleased to announce the novation of reinsurance policies issued between 2006 and 2011 from a Cayman domiciled group captive. The policies were novated into the R&Q owned segregated account company, R&Q Quest (SAC) Limited. 

The group captive provided Workers' Compensation, General Liability, Auto Liability and Products Liability coverage to its members through reinsurance beginning on July 1, 2006.  The outstanding liabilities are estimated to be circa $20m.

Ken Randall, Chairman and Chief Executive Officer of R&Q, commented: "We are pleased to complete this sizable novation, which continues to demonstrate our market leading position in providing captive exit solutions. This novation is also testament to our increasing transaction size in both the captive and loss portfolio transfer space".

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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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