Loss Portfolio Transfer

RNS Number : 7056K
Randall & Quilter Inv Hldgs Ltd
24 April 2020
 

 

 

Randall & Quilter Investment Holdings Ltd.

 

Loss Portfolio Transfer with Repwest Insurance Company

 

24 April 2020

 

Randall & Quilter Investment Holdings Ltd. ('R&Q' or 'the Group') is pleased to announce that it has entered into a Loss Portfolio Transfer Reinsurance Contract and a Transfer Agreement with Repwest Insurance Company ("Repwest").  Repwest is based in Phoenix Arizona and is a wholly owned subsidiary company of AMERCO.  AMERCO is also the parent company of U-Haul, North America's largest "do-it-yourself" moving and self-storage operator.

 

This transaction assists Repwest towards its target of reaching economic finality of its Assumed Re run-off business, which it underwrote from 1978 through 2003.  Aon served as the reinsurance broker for this transaction.


Paul Corver, R&Q Group Head of M&A, commented: "We are delighted to have completed this Loss Portfolio Transfer with the mutual intention to undertake an Insurance Business Transfer in Oklahoma, subject to appropriate approvals. This once again proves our capabilities to utilize our international team to provide full finality legacy solutions across the US and Europe.  Our legacy pipeline across the Group remains strong despite the current turmoil from COVID-19 and we look forward to closing more transactions in the coming months."

 

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Enquiries to:

 

Randall & Quilter Investment Holdings Ltd.

www.rqih.com

Paul Corver

Tel: 020 7780 5944

 

Numis Securities Limited

Stuart Skinner (Nominated Adviser)

Tel: 020 7260 1000

Charles Farquhar (Broker)

Tel: 020 7260 1000

 

Shore Capital Stockbrokers Limited

Stephane Auton/James Thomas

 

Tel: 020 7408 4090

FTI Consulting

Edward Berry/Tom Blackwell

 

Tel: 020 3727 1046

 

 


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 program 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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