R&Q writes deductible reimbursement policy

RNS Number : 6356R

Randall & Quilter Inv Hldgs Ltd

13 December 2016

 

Randall & Quilter Investment Holdings Ltd.

R&Q writes deductible reimbursement policy covering a legacy workers' compensation book 

13 December 2016

Randall & Quilter Investment Holdings Ltd. ("R&Q") is pleased to announce that Accredited Surety and Casualty ("Accredited"), its wholly owned AM Best 'A-' rated US admitted insurer, has written a deductible reimbursement policy to a large US manufacturer covering all of its outstanding and future claims arising from the deductibles on workers' compensation legacy policies written between 1996 and 2015. The estimated undiscounted liabilities assumed are c. $14.1m.

Ken Randall, Chairman and Chief Executive Officer of R&Q, said "We are delighted to write this deductible reimbursement policy to a well-known US manufacturer, looking to find an exit solution for its on balance sheet legacy workers' compensation liabilities.  This transaction is further proof of our continuing success and product expansion in the US legacy market."

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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 core 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 close to 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 £123.7m as at 31 December 2015;

•     owns an admitted P&C Insurer, A- rated by AM Best, with licenses throughout the US; owns a Bermuda Class 3A insurance company which currently supports the Group's syndicate participations;

•     launched Syndicate 1991, which commenced underwriting from January 1, 2013 and has an agreed capacity of £130m for 2016, 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 £6.0m as at 31 December 2015, of which R&Q holds a 50% interest

The Group was founded by Ken Randall and Alan Quilter in 1991.

Website: www.rqih.com

 

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