Randall & Quilter Inv Hldgs Ltd Reinsurance to Close of Syndicate 3334 (9461Z)
21 December 2017 - 1:00AM
UK Regulatory
TIDMRQIH
RNS Number : 9461Z
Randall & Quilter Inv Hldgs Ltd
20 December 2017
Randall & Quilter Investment Holdings Ltd.
Agreement to support the Reinsurance to Close of Syndicate
3334
20 December 2017
Randall & Quilter (R&Q) is pleased to announce that it
has reached agreement with Hamilton Underwriting Limited (Hamilton)
to provide capital, in conjunction with AXA DBIO, to support the
Reinsurance to Close (RITC) of Syndicate 3334's 2014 and prior
years of account.
The RITC will be written by Syndicate 3330, managed by Coverys
Managing Agency. The business subject to the RITC has estimated net
reserves of c.GBP30m and is the legacy book that Hamilton inherited
when the Bermuda based company purchased Sportscover Underwriting
Limited in April 2015.
Subject to customary regulatory approvals, the RITC will be
effective from 31 December 2017 and is expected to close in early
2018.
Commenting on the transaction, Ken Randall, Chairman and CEO of
R&Q said: "We are delighted to have reached agreement with
Hamilton in respect of the run-off of their legacy Sportscover
business. The collaboration with Coverys Managing Agency and AXA
Liabilities Managers provides R&Q with strong partners for
assuming legacy Lloyd's business and we look forward to completing
further transactions in the future, building on the recent
successes here and with Prosight."
AXA Liabilities Managers Chief Executive Officer Sylvain
Villeroy de Galhau commented: "We are very pleased to have teamed
up with Coverys Managing Agency and R&Q to complete our first
deal at Lloyd's. This deal enables us to establish a presence at
Lloyd's that we look forward to developing."
Hamilton Underwriting Limited Chief Executive Officer Dermot
O'Donohoe commented: "We're pleased to have come to an agreement
with Coverys Managing Agency, R&Q and AXA DBIO. This
transaction enables us to focus on the 2015 and post years of
account as we continue to build a diversified, profitable Lloyd's
syndicate."
Randall & Quilter Investment Holdings Ltd. www.rqih.com
Tom Booth Tel: +1 441 247 8330
FTI Consulting Tel: 020 3727 1046
Edward Berry/Tom Blackwell
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 programme
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
About Coverys Managing Agency
Coverys Managing Agency is a fully authorized Lloyd's managing
agency. We deliver the services necessary for the management and
oversight of existing syndicates, including Syndicates 1975, 1991,
1110, and 3330. As a third-party managing agent, we also assist
businesses in launching underwriting activities at Lloyd's through
new syndicates.
Previously known as R&Q Managing Agency, our agency was
formed in 2003 to handle Lloyd's run-off business and expanded in
2010 to act as a fully-fledged agency managing live syndicates.
Coverys acquired the agency in November 2017.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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