Successful Outcome of Legal Dispute

RNS Number : 5286G

Randall & Quilter Inv Hldgs PLC

13 May 2011

 



Date:	May 13, 2011
On behalf of:	Randall & Quilter Investment Holdings plc ("R&Q" or the "Group")
For immediate release

Randall & Quilter Investment Holdings plc

Successful Outcome of Legal Dispute

The Board of Randall & Quilter Investment Holdings plc (AIM:RQIH), the specialist non-life insurance investor, service provider and underwriting manager, is pleased to announce that a long running dispute concerning the management by R&Q USA (its wholly owned subsidiary) of two US insurance companies, Seaton and Stonewall has now been resolved. 

All claims against R&Q USA and the Group's Chairman and Chief Executive, Ken Randall personally, have been entirely withdrawn. R&Q will receive damages claimed of over $2m and a recovery of its legal costs.

Ken Randall said, "This is a very good outcome for R&Q. The dispute has dragged on for 5 years and has been a huge distraction for the Group. I never had any doubt that we would ultimately succeed in defeating the claims which were spurious and entirely groundless".

ENDS

Enquiries to:

Randall & Quilter Investment Holdings plc	www.rqih.co.uk
Tom Booth	Tel: [phone]
Numis Securities Limited
Stuart Skinner (Nominated Advisor)	Tel: [phone]
Charles Farquhar (Broker)	Tel: [phone]
Shore Capital Stockbrokers Limited
Dru Danford / Stephane Auton	Tel: [phone]
Redleaf Communications	r&[e-mail]
Emma Kane/ Alicia Jennings	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.£73m as at 31 December 2010;

·   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 and Gibraltar; and

·   provides 'turnkey' management services to new Lloyd's syndicate 1897 and manages two RITC ('run-off') syndicates.

The Group was founded by Ken Randall, Executive Chairman and Chief Executive, and Alan Quilter, Group Finance Director 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.

 

END

 

 

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