Randall & Quilter Inv Hldgs Ltd R&Q completes novation
20 September 2017 - 4:01PM
RNS Non-Regulatory
TIDMRQIH
Randall & Quilter Inv Hldgs Ltd
20 September 2017
Randall & Quilter Investment Holdings Ltd.
R&Q completes novation from a Cayman group captive
20 September 2017
Randall & Quilter Investment Holdings Ltd. ("R&Q") is
pleased to announce the novation of reinsurance policies issued
between 2006 and 2011 from a Cayman domiciled group captive. The
policies were novated into the R&Q owned segregated account
company, R&Q Quest (SAC) Limited.
The group captive provided Workers' Compensation, General
Liability, Auto Liability and Products Liability coverage to its
members through reinsurance beginning on July 1, 2006. The
outstanding liabilities are estimated to be circa $20m.
Ken Randall, Chairman and Chief Executive Officer of R&Q,
commented: "We are pleased to complete this sizable novation, which
continues to demonstrate our market leading position in providing
captive exit solutions. This novation is also testament to our
increasing transaction size in both the captive and loss portfolio
transfer space".
Ends
Enquiries to:
Randall & Quilter Investment www.rqih.com
Holdings Ltd.
Tom Booth Tel: +1 441 247
8330
Numis Securities Limited (Nominated Adviser)
Stuart Skinner Tel: 020 7260
1000
Charles Farquhar Tel: 020 7260
1000
Shore Capital Stockbrokers Limited
Dru Danford / Stephane Auton Tel: 020 7408
4090
FTI Consulting
Edward Berry/Tom Blackwell Tel: 020 3727
1046
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 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 over 400 insurance professionals based in Bermuda,
the US 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 Bermuda, the US and Europe with net
assets of GBP201m as at 30 June 2017;
-- owns an admitted P&C Insurer, A- rated by AM Best, with
licenses throughout the US; owns a Bermuda Class 3A insurance
company;
-- launched Syndicate 1991, which commenced underwriting from
January 1, 2013 and has an agreed capacity of GBP127m for 2017,
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 GBP5.1m as at 30 June 2017
The Group was founded by Ken Randall and Alan Quilter in
1991.
Legal Entity Identifier (LEI): 2138006K1U38QCGLFC94
Website: www.rqih.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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