Approval of new syndicate on

RNS Number : 7411V

Randall & Quilter Inv Hldgs PLC

08 November 2010

 



Date:  8 November 2010

On behalf of:  Randall & Quilter Investment Holdings plc ("Randall & Quilter" or the "Group")

Randall & Quilter Investment Holdings plc

Approval of new syndicate to be managed on a turnkey basis

Randall & Quilter (AIM: RQIH), the specialist non-life insurance investor, service provider and underwriting manager,  is pleased to announce that the R&Q Managing Agency ("RQMA"), a wholly owned subsidiary of the Group, has received approval from Lloyd's to form a new syndicate on behalf of Assuranceforeningen Skuld ("Skuld"), the Oslo headquartered P&I Club.  The new syndicate, to be known as Skuld Syndicate 1897, will be managed by RQMA on a turnkey basis and will underwrite Marine and Offshore Energy risks.  Underwriting is scheduled to commence in November with risks attaching from 1 January 2011.

The syndicate will be backed by Skuld, SCOR Underwriting Limited, and Randall & Quilter. The stamp capacity for 2011 is £60m. The Active Underwriter will be Bernt Hellman, supported by Mike Bennett as Deputy Active Underwriter.

Ken Randall, Chairman & Chief Executive Officer commented: "We are delighted to partner with a world-class organisation such as Skuld in the formation of our first 'turnkey' syndicate. Skuld's sustained track record of profitable underwriting of Marine liability business provides a sound basis for this new enterprise and we look forward to developing further turnkey opportunities in the future."

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/ Adam Leviton

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. £74m as at 30 June 2010;

- Wide service capability in both the 'live' and 'run-off' markets; and

- A team of approximately 315 insurance professionals based in the UK, USA, Canada and Bermuda.

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.

 

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