Settlement of legal dispute

RNS Number : 2133G

Randall & Quilter Inv Hldgs PLC

27 June 2012

 



Randall & Quilter Investment Holdings plc

Settlements of Legal Dispute

27 June 2012

We are pleased to announce that we have reached an agreement in principle, though subject to final terms, which would resolve all of our outstanding legal cases with various companies of the ACE Group ("ACE") including the matter that the Group filed against various ACE subsidiaries in May 2012 in the Supreme Court of New York and would resolve all of the ACE Group's various legal disputes against R&Q. 

There is no anticipated material financial impact to the Group as a result of the proposed settlement but a source of uncertainty has been removed and we expect that the commercial relations between R&Q and ACE will now move forwards in a positive direction. 

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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 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 10 insurance companies in run-off (from the UK, US and Continental Europe) with net assets of c.£85.5m as at 31 December 2011;

- provides 'turnkey' management services to Lloyd's syndicate 1897, manages two RITC ('run-off') syndicates and owns and operates 5 MGAs.

- acquires and manages a portfolio of insurance receivables, with a carrying cost of c. £8.2m as at 31 December 2011;

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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