Senior Management Changes

RNS Number : 1621B

Randall & Quilter Inv Hldgs Ltd

08 January 2018

 

Randall & Quilter Investment Holdings Ltd.

Senior Management Changes

8 January 2018

Randall & Quilter (R&Q), the specialist non-life legacy insurance investor and capacity provider of US and European MGA programme business, today announces changes to its senior management team, as progress continues towards the simplification of the Group.

Tom Booth, Group Chief Financial Officer, has resigned as a Director with immediate effect and will be leaving the employment of the R&Q Group effective 30th June 2018 to pursue alternative opportunities.

Ken Randall, Group Chairman said: "Tom joined the Group almost ten years ago, shortly after R&Q listed on the AIM market of the London Stock Exchange.  He has made a significant contribution to the development of R&Q's business and we shall miss his intelligence and energy.  I wish him every success in his future career.

Alan Quilter, Group Deputy Chairman, will re-assume the role of Group Chief Financial Officer, a position which he has held previously, with immediate effect.  Alan will additionally take the lead as regards Group-wide development of programme business.

I will continue as Group Chairman and Chief Executive Officer.

Mark Langridge, CEO of Insurance Investments, who has been with the Group since 2008, will be appointed to the Group Board and will continue to be responsible for Group-wide legacy acquisitions and management.

R&Q continues to make excellent progress. The simplification of the Group is proceeding well, most recently with the completion of the disposal of our Lloyd's Managing Agency to Coverys.  Further disposals are expected to be agreed and announced shortly.

The pipeline of new business opportunities remains strong, particularly in the high growth areas of insurance legacy and programme business, which is mostly reinsured to high quality insurance carriers.

The Group has also made good progress with deployment of the cash raised in the recent funding round.

We are today announcing a number of internal promotions across the Group and there is to be some re-alignment of senior management responsibilities.  We have a highly focused, talented and experienced management team and we are all excited about the prospects for growth.  The business is performing well and we have an excellent and growing pipeline of new business opportunities both in legacy and insurance programme business.

The management changes being announced today are designed to enhance business development, capital management and operational efficiency.  The simplification of our business following recent and planned disposals, will enable Alan Quilter and I to devote more time to 'hands on' business development.  The reaction from the (re)insurance market to our business initiatives has been extremely positive and momentum has increased as a result of uncertainties around Brexit and wider insurance industry developments."

Ends

Randall & Quilter Investment Holdings Ltd. Ken Randall Tel: [phone] Numis Securities Limited (Nominated Adviser) Stuart Skinner Tel: [phone] Charles Farquhar 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 

The overall mission of the Bermuda based Group is to:

·      generate profits and capital extractions from expert management of legacy non-life insurance acquisitions/ reinsurances, including in Lloyd's; and 

·      grow commission income from its licensed (and rated) carriers in the US and EU/UK, writing niche and profitable programme business, largely on behalf of highly rated reinsurers.

Our aim is to continue to grow sustainable profit streams to support our business model and increase book value and cash distributions to shareholders. 

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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