Reinsurance-to-Close of Syndicate 1208

RNS Number : 5482Y

Randall & Quilter Inv Hldgs PLC

02 March 2012

 



Date:	2 March 2012
On behalf of:	Randall & Quilter Investment Holdings plc ("R&Q" or the "Group")
For immediate release

Randall & Quilter Investment Holdings plc

Reinsurance-to-Close of Syndicate 1208

Randall and Quilter Investment Holdings plc ("R&Q"), the AIM listed specialist insurance investor, service provider and underwriting manager is pleased to announce that it has reinsured-to-close the former 2007 Year of Account of Syndicate 1208, previously managed by Equity Syndicate Management Limited into the 2012 Year of Account of Syndicate 3330. The estimated net insurance liabilities as at 31 December 2011 were c. £23m.

R&Q Managing Agency Limited ('RQMA') will receive customary annual fees and profit commissions as the new managing agent. The Group's Insurance Services Division will also take over the claims management and accounting services from mid-2012 and will receive additional service fees.

Furthermore, R&Q Capital no.1, the Group's corporate member has provided capital support to the Syndicate through the provision of Funds at Lloyd's and the Group has rights to 50% of any future syndicate profits.

Commenting on the transaction, Ken Randall, Chairman and Chief Executive of the Group said, "We are delighted to have completed the RITC of Syndicate 1208 into Syndicate 3330 and to have been able to provide capital support from our corporate member, which now has 3 syndicate participations. The transaction further reinforces R&Q's position as an active participant in the RITC market as manager, service provider and capital provider. We are also pleased to announce that following the transaction, Henry Colthurst has joined the Group from Equity Syndicate Management".  

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Enquiries to:

Randall & Quilter Investment Holdings PLC                          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                                                                              

Neil Doyle/Edward Berry                                                        Tel: [phone]

Notes to Editors:

Since formation, Randall & Quilter has pursued a buy and build strategy to create a comprehensive range of investment activities and services in the global non-life insurance market and is focused on the following four core areas:

•    Insurance Investments;

•    Insurance Services;

•    Underwriting Management; and

•    Captives.

The Group currently:

•    has a portfolio of nine insurance companies in run-off (from the UK, US and Europe) with net assets of c.£72.2m as at 30 June 2011;

•    acquires and manages a portfolio of insurance receivables, with a carrying cost of c. £5.5m as at 30 June 2011;

•    has wide service capability in both the 'live' and 'run-off' markets;

•    has a team of approximately 350 insurance professionals based in the UK, USA, Bermuda, Canada, Gibraltar and Norway; and

•    provides 'turnkey' management services to new Lloyd's syndicate 1897, manages two RITC ('run-off') syndicates and owns and operates five MGAs.

The Group was founded by Ken Randall, Executive Chairman and Chief Executive, and Alan Quilter, Chief Operating Officer, who both have extensive experience in the industry including as Head of Regulation of Lloyd's and as Head of the Market Financial Services Group respectively.

 

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