Resolution of legal dispute

RNS Number : 3426W

Randall & Quilter Inv Hldgs PLC

25 January 2013

 



Randall & Quilter Investment Holdings plc

Resolution of legal dispute

25 January 2013

Further to the announcements dated 19 April 2012 and 27 June 2012, the Company's Board is pleased to announce that we have now finalised the settlement agreement with ACE and secured acceptable detailed terms.

As indicated in previous announcements, there is no material financial impact on the Group's financial result as a result of having reached this agreement with ACE.

Through the resolution of this dispute, we have been able to remove a significant source of uncertainty for the Group and can now resume normal commercial relations with ACE.

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Notes to Editors:

Enquiries to:

FTI Consulting                                                                            

Edward Berry \ Tom Blackwell                                                  

Tel: [phone] \ 7222

Notes to Editors:

R&Q 

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 three core areas:

-          Insurance Investments;

-          Underwriting Management & Captives; 

-          Insurance Services.

The Group currently:

- has a team of up to 400 insurance professionals based in the UK, USA, Bermuda, and Continental Europe with wide service capability in both the 'live' and 'run-off' market;

- has a portfolio of 11 insurance companies in run-off (from the UK, US and Continental Europe) with net assets of c.£85.9m as at 30 June 2012;

- has launched Syndicate 1991 which commenced underwriting from January 1, 2013 with a Capacity of £77m for 2013, provides 'turnkey' management services to Lloyd's syndicate 1897, manages two RITC ('run-off') syndicates and owns and operates 3 MGAs; 

- acquires and manages a portfolio of insurance receivables, with a carrying cost of c.£8.1m as at 30 June 2012;

The Group was founded by Ken Randall, Executive Chairman and Chief Executive, and Alan Quilter, Chief Operating Officer.

 

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