Randall & Quilter Inv Hldgs Ltd European program underwriting partnerships
16 August 2018 - 4:01PM
RNS Non-Regulatory
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Randall & Quilter Inv Hldgs Ltd
16 August 2018
Randall & Quilter Investment Holdings Ltd.
16 August 2018
Randall & Quilter agrees three additional European program
underwriting partnerships
Contracted business to date now exceeds US$200m in annualised
premiums
Randall & Quilter Investment Holdings Ltd. ("R&Q") is
pleased to announce that its wholly-owned European subsidiary
R&Q Insurance (Malta) Ltd ("R&Q Malta") has signed three
new program underwriting partnerships with European Managing
General Agents ("MGAs").
They are:
-- Futura, a Spanish MGA specialising in surety bonds
-- Inspire, a UK based MGA providing private motor insurance
-- All Risks, an Italian MGA specialising in surety bonds,
professional indemnity and third-party liability
These transactions confirm the ongoing execution of R&Q's
strategy to provide high quality program underwriting facilities to
MGAs in the EU, and in the USA via R&Q Malta's sister company,
Accredited Surety & Casualty Company Inc. ("Accredited"), by
providing licenced insurance capacity and infrastructure to act as
a conduit between MGAs and reinsurance capital providers.
R&Q Malta - which is licenced to write all non-life classes
in all European Union ("EU") member states and is A- (Excellent) AM
Best rated - provides a ready-made Brexit solution to European MGAs
and reinsurers.
Colin Johnson, CEO of R&Q UK & European Program
Management, said: "We are delighted to confirm these three
transactions and we look forward to finalising a number of other
deals in the coming months as we expand both the geographical
spread and the number of classes we underwrite".
Ken Randall, R&Q CEO and Chairman, added: "These three
transactions demonstrate R&Q's ability to provide high quality
insurance coverage to MGAs throughout the EU. With a strong
pipeline of new partnerships, R&Q is on target to exceed its
expectations of at least 15 new program partnerships in Europe and
the USA in 2018.
To date R&Q Malta and Accredited have contracted live
programs expected to produce in excess of US$200m in annual gross
premiums and are on track to more than double this figure before
year-end."
Ends
Randall & Quilter Investment Holdings
Ltd.
Ken Randall Tel: 020 7780 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
Edward Berry/Tom Blackwell Tel: 020 3727 1046
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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END
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