R&Q provides $146m legacy reinsurance for USA RRG

RNS Number : 6088Z

Randall & Quilter Inv Hldgs Ltd

04 September 2018

 

Randall & Quilter Investment Holdings Ltd.

R&Q provides $146m legacy reinsurance for a USA domiciled Risk Retention Group ("RRG")

4^th September 2018

Randall & Quilter Investment Holdings Ltd. ("R&Q") is pleased to announce the issuance of a loss portfolio transfer reinsurance covering commercial auto liability risks.  This coverage was underwritten by R&Q's wholly owned A- admitted carrier, Accredited Surety and Casualty Company, Inc. for the benefit of a U.S. domiciled RRG. This reinsurance provides $146m of ground-up limit which provides the RRG with significant limit to cover their unpaid liabilities which are estimated to be in excess of $100m.

Dan Linden, Head of M&A Operations (US/Bermuda), commented: "This transaction is a further example of our team's commitment to developing legacy liability solutions to assist counterparties in achieving their strategic goals."      

Ken Randall, Chairman and Chief Executive Officer of R&Q, explained "This loss portfolio transfer adds to our continued development of legacy solutions for risk retention groups within the U.S and is our third risk retention group transaction within the past year. This transaction confirms our penetration into the larger value legacy space which we hope to build on going forward.  We are excited to expand our capabilities using Accredited Surety & Casualty to provide legacy solutions for RRG's, self-insurers, and corporates within the U.S."

Ends

Enquiries to:

Randall & Quilter Investment Holdings Ltd. www.rqih.com Ken Randall 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

 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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