R&Q writes facultative reinsurance certificate

RNS Number : 8029J

Randall & Quilter Inv Hldgs Ltd

30 June 2017

 

Randall & Quilter Investment Holdings Ltd.

R&Q writes facultative reinsurance certificate to a large US carrier

30 June 2017

Randall & Quilter Investment Holdings Ltd. ("R&Q") is pleased to announce the issuance of a facultative reinsurance certificate to a large US P&C carrier for a premium of $6.5m. The collateralized reinsurance policy was written from a cell within R&Q's wholly owned subsidiary, R&Q Quest Insurance Limited, with encumbered assets of $8.5m.

The underlying liabilities covered by the reinsurance relate to the deductibles of workers' compensation and auto liability policies issued between 2007 and 2016 to a US corporate. This policy allowed the carrier to commute the deductible coverage with the corporate, therefore providing full finality to the corporate while remaining fully collateralized.

Ken Randall, Chairman and Chief Executive Officer of R&Q, explained "We are pleased to complete this facultative reinsurance with a large US carrier. This transaction is yet another example of R&Q's innovative structures which allowed the carrier to provide full finality to its client through a partnership with R&Q."

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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 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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