Run-off Arrangement

RNS Number : 4395O

Randall & Quilter Inv Hldgs Ltd

07 November 2016

 

Randall & Quilter Investment Holdings Ltd.

Run-off Arrangement 

7 November 2016

Randall & Quilter Investment Holdings Ltd is pleased to announce that it has entered into an arrangement with the Law Society of Ireland in respect of the run-off obligations of the Solicitors Mutual Defence Fund (SMDF).

SMDF was established in 1987 as a mutual fund to provide professional indemnity protection for solicitors practicing in Ireland. The fund ceased trading in 2011 following a series of heavy losses relating to the economic downturn in Ireland.

R&Q is a specialist run-off company that acquires and manages portfolios to their natural extinction.

Commenting on today's announcement, Ken Randall, Chairman and Chief Executive Officer of Randall & Quilter Investment Holdings Ltd. ("R&Q"), said: "We are pleased to announce the arrangement with the Law Society of Ireland further demonstrating R&Q's ability to offer finality solutions in a range of different situations".

-Ends-

Enquires 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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