Novation of Insurance Liabilities

RNS Number : 2585A

Randall & Quilter Inv Hldgs Ltd

11 September 2018

 

Randall & Quilter Investment Holdings Ltd.

Novation of Insurance Liabilities

11 September 2018

Randall & Quilter Investment Holdings Ltd ('R&Q' or 'the Group') is pleased to announce that its wholly owned Guernsey subsidiary, Capstan Insurance Limited, has signed an agreement to accept a novation of the insurance liabilities of the Sitex Cell in Windward Insurance PCC Limited, from its owners, Orbis Protect Limited ("Orbis"). The SITEX Cell insured the deductible amounts payable under Liability policies, including Employers' Liability, for the years 2004 to 2014.  

The residual liabilities, which will be managed by R&Q, comprise primarily of Employer's Liability deductible exposures arising in the UK. 

Commenting on today's announcement, Ken Randall, Chairman and Chief Executive Officer of Randall & Quilter, said: "We are delighted to announce this transaction with Windward Insurance PCC Ltd which demonstrates R&Q's appetite and ability to provide flexible exit solutions to owners of discontinued insurance businesses.

We have a strong pipeline of acquisitions and expect to announce a number of additional transactions before the end of the year."

Ends

Enquiries to:

Randall & Quilter Investment Holdings Ltd. www.rqih.com Ken Randall 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 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 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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