Randall & Quilter Inv Hldgs Ltd Adverse development cover agreement
08 September 2020 - 4:00PM
RNS Non-Regulatory
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Randall & Quilter Inv Hldgs Ltd
08 September 2020
Randall & Quilter Investment Holdings Ltd.
Adverse Development Cover for RenaissanceRe Syndicate 1458
8 September 2020
Randall & Quilter Investment Holdings Ltd. ("R&Q") is
pleased to announce that it has signed an agreement with
RenaissanceRe Syndicate Management Limited ("RSML") to reinsure the
Casualty reserves for Lloyd's Syndicate 1458 relating to the 2009
to 2017 years of account.
The reinsurance is being provided as a loss portfolio transfer,
attaching at 70% of held reserves, with an additional limit for
adverse development cover. This allows RSML to retain control of
the claims handling process, whilst benefiting from balance sheet
protection in the event of significant deterioration from the
book's modelled loss picks. The cover is provided by R&Q's
Lloyd's run-off vehicle, Syndicate 1110, which has permission to
execute legacy deals by way of Reinsurance to Close ("RITC") and
retroactive reinsurance. R&Q has over 30 years' experience in
running off Lloyd's business. TigerRisk Partners acted as Broker in
this transaction.
Ken Randall, Chairman of R&Q, commented: "We are pleased to
have worked with TigerRisk Partners and RenaissanceRe Syndicate
Management Limited on this legacy solution. This transaction is
another example of R&Q helping strong-performing Syndicates to
remove reserve risk, allowing them to release capital which they
can use to take advantage of the positive rating environment. The
evolution of the legacy market continues apace, and we are seeing a
pipeline of such structured solutions both for Lloyd's syndicates
and across the wider insurance market."
Ends
Enquiries to:
Randall & Quilter Investment Holdings www.rqih.com
Ltd.
Paul Corver Tel: 020 7780 5944
Numis Securities Limited
Stuart Skinner (Nominated Adviser) Tel: 020 7260 1000
Charles Farquhar (Broker) Tel: 020 7260 1000
Shore Capital Stockbrokers Limited
Stephane Auton/James Thomas Tel: 020 7408 4090
FTI Consulting
Edward Berry/Tom Blackwell Tel: 020 3727 1046
Notes to Editors:
About R&Q
R&Q is a non-life global specialty insurance company
operating two core, highly complementary, businesses: Program
Management and Legacy Insurance. Both these businesses are leaders
in markets with high barriers to entry and significant secular
growth opportunities.
Legacy Insurance generates profits and capital extractions from
expert management of legacy non-life insurance portfolios. Program
Management generates commission income from its licensed (and
rated) carriers in the US, EU and the UK, writing niche and
profitable program business, largely on behalf of highly rated
reinsurers.
For the financial year ended 31 December 2019 R&Q reported
pre-tax profits of over GBP40 million.
Legal Entity Identifier (LEI): 2138006K1U38QCGLFC94
Website : www.rqih.com
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END
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