Randall & Quilter Inv Hldgs Ltd Senior Management Changes (1621B)
08 January 2018 - 6:00PM
UK Regulatory
TIDMRQIH
RNS Number : 1621B
Randall & Quilter Inv Hldgs Ltd
08 January 2018
Randall & Quilter Investment Holdings Ltd.
Senior Management Changes
8 January 2018
Randall & Quilter (R&Q), the specialist non-life legacy
insurance investor and capacity provider of US and European MGA
programme business, today announces changes to its senior
management team, as progress continues towards the simplification
of the Group.
Tom Booth, Group Chief Financial Officer, has resigned as a
Director with immediate effect and will be leaving the employment
of the R&Q Group effective 30th June 2018 to pursue alternative
opportunities.
Ken Randall, Group Chairman said: "Tom joined the Group almost
ten years ago, shortly after R&Q listed on the AIM market of
the London Stock Exchange. He has made a significant contribution
to the development of R&Q's business and we shall miss his
intelligence and energy. I wish him every success in his future
career.
Alan Quilter, Group Deputy Chairman, will re-assume the role of
Group Chief Financial Officer, a position which he has held
previously, with immediate effect. Alan will additionally take the
lead as regards Group-wide development of programme business.
I will continue as Group Chairman and Chief Executive
Officer.
Mark Langridge, CEO of Insurance Investments, who has been with
the Group since 2008, will be appointed to the Group Board and will
continue to be responsible for Group-wide legacy acquisitions and
management.
R&Q continues to make excellent progress. The simplification
of the Group is proceeding well, most recently with the completion
of the disposal of our Lloyd's Managing Agency to Coverys. Further
disposals are expected to be agreed and announced shortly.
The pipeline of new business opportunities remains strong,
particularly in the high growth areas of insurance legacy and
programme business, which is mostly reinsured to high quality
insurance carriers.
The Group has also made good progress with deployment of the
cash raised in the recent funding round.
We are today announcing a number of internal promotions across
the Group and there is to be some re-alignment of senior management
responsibilities. We have a highly focused, talented and
experienced management team and we are all excited about the
prospects for growth. The business is performing well and we have
an excellent and growing pipeline of new business opportunities
both in legacy and insurance programme business.
The management changes being announced today are designed to
enhance business development, capital management and operational
efficiency. The simplification of our business following recent and
planned disposals, will enable Alan Quilter and I to devote more
time to 'hands on' business development. The reaction from the
(re)insurance market to our business initiatives has been extremely
positive and momentum has increased as a result of uncertainties
around Brexit and wider insurance industry developments."
Ends
Randall & Quilter Investment Holdings
Ltd.
Ken Randall Tel: 0207 780 5945
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 Tel: 020 3727 1046
Edward Berry/Tom Blackwell
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 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
Website: www.rqih.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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