Randall & Quilter Inv Hldgs Ltd Novation (4905T)
06 January 2017 - 6:00PM
UK Regulatory
TIDMRQIH
RNS Number : 4905T
Randall & Quilter Inv Hldgs Ltd
06 January 2017
Randall & Quilter Investment Holdings Ltd.
R&Q completes novation from an Arizona Captive
6 January 2017
Randall & Quilter Investment Holdings Ltd. ("R&Q") is
pleased to announce the novation of liabilities for policy years
2001-2011 from PacWest Captive Insurance Company, Inc. ("PacWest"),
an Arizona domiciled entity, to the R&Q owned segregated
account company in Bermuda, R&Q Quest (SAC) Limited.
PacWest was formed in 2001 by Leavitt Group Enterprises to
provide workers compensation coverage written by Leavitt-owned
agencies. These policies were fronted by The Hartford and have been
in runoff since June 30, 2011. Reserves for the policy years being
novated are estimated to be c.$4.4m as at August 31, 2016.
Ken Randall, Chairman and Chief Executive Officer of R&Q,
explained "We are pleased to complete this novation with PacWest,
which further demonstrates our market leading position in providing
captive exit solutions. This novation caps off a fantastic year of
legacy transactions for R&Q, with prospects for 2017 looking
even brighter".
Ends
Enquiries to:
Randall & Quilter Investment www.rqih.com
Holdings Ltd.
----------------------------- ----------------
Tom Booth Tel: +1 441 247
8330
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Numis Securities Limited
-----------------------------------------------
Stuart Skinner (Nominated Tel: 020 7260
Adviser) 1000
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Charles Farquhar (Broker) Tel: 020 7260
1000
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Shore Capital Stockbrokers Limited
-----------------------------------------------
Dru Danford / Stephane Auton Tel: 020 7408
4090
----------------------------- ----------------
FTI Consulting
Edward Berry/Tom Blackwell Tel: 020 3727
1046
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-------------------------------------------------
Notes to Editors:
About R&Q
Randall & Quilter pursues a buy and build strategy and has
created a comprehensive range of investment activities and services
in the global non-life insurance market.
R&Q is focused on the following three core areas:
-- Insurance Investments
-- Insurance Services
-- Underwriting Management
The Group:
-- provides a range of services to both the live and legacy
(re)insurance markets to support growing businesses and address
complex and challenging run-off issues;
-- employs close to 400 insurance professionals based in the UK,
US, Bermuda, and Europe with wide service capability in both the
'live' and 'run-off' markets;
-- owns and manages a portfolio of insurance companies, both
active and in run-off, in the UK, US and Europe with net assets of
GBP123.7m as at 31 December 2015;
-- owns an admitted P&C Insurer, A- rated by AM Best, with
licenses throughout the US; owns a Bermuda Class 3A insurance
company which currently supports the Group's syndicate
participations;
-- launched Syndicate 1991, which commenced underwriting from
January 1, 2013 and has an agreed capacity of GBP130m for 2016,
manages one RITC ('run-off') syndicate, 3330, and owns and operates
an MGA platform;
-- acquires and manages a portfolio of insurance receivables,
with a carrying cost of GBP6.0m as at 31 December 2015, of which
R&Q holds a 50% interest
The Group was founded by Ken Randall and Alan Quilter in
1991.
Website: www.rqih.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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