Randall & Quilter Inv Hldgs Ltd Loss Portfolio Transfer
08 September 2021 - 4:00PM
RNS Non-Regulatory
TIDMRQIH
Randall & Quilter Inv Hldgs Ltd
08 September 2021
Randall & Quilter Investment Holdings Ltd.
Loss Portfolio Transfer & Reinsurance Business Transfer with
Delvag Versicherungs-AG
8 September 2021
Randall & Quilter Investment Holdings Ltd. (AIM-RQIH)
("R&Q"), the leading non-life global specialty insurance
company focusing on Program Management and Legacy Insurance
businesses, is pleased to announce that with the close assistance
of Black Forest Reinsurance Consulting ("BFRC") and the broker and
sell-side advisor, Guy Carpenter & Company GmbH, Munich, it has
transacted a Loss Portfolio Transfer of reinsurance business with
Delvag Versicherungs-AG, Germany ("Delvag") an insurance captive
fully owned by Lufthansa Group.
The reinsurance is being provided by R&Q's A.M. Best A-
(Excellent) rated carrier in Malta, Accredited Insurance (Europe)
Limited ("Accredited").
With this transaction Delvag reaches economic finality of a
third-party reinsurance portfolio amounting to circa EUR 22million
of reserves that has no active client relationships and that was
underwritten from 1969 onwards. Further, this transaction also
encompasses the mutual interest to undertake an Insurance Business
Transfer of the portfolio to Accredited, subject to regulatory
approvals.
Paul Corver , Group Head of M&A at R&Q explained: "We
are delighted to have completed another Loss Portfolio Transfer
with the mutual intention to follow on with a Reinsurance Business
Transfer from Germany to Malta. We have assumed numerous portfolios
of business from across Europe into our rated Maltese platform
which provides complete finality to the cedant along with the
accompanying cost and capital efficiencies. We are very pleased to
have executed this transaction with Delvag. Once again it proves
R&Q's capabilities to utilize its international team to provide
full finality legacy solutions across the US and Europe and here in
particular in the DACH region. We look forward to working closely
with BFRC to conclude further legacy deals in the near future."
Andreas Brügel , Director Reinsurance at Delvag explained:
"After Delvag's decision to cease writing third-party reinsurance
business after 50 years this portfolio transfer was the logical
consequence to free-up Solvency II capital. This fundamentally
supports the reinsurance department's new strategy to concentrate
on providing services as a Group captive instead of primarily
acting as a third-party business writer. The strategic alignment of
Delvag's Aviation and Marine department remains unaffected by this
transaction"
Ends
Enquiries to:
Randall & Quilter Investment Holdings www.rqih.com
Ltd.
Paul Corver Tel: 020 7780 5944
Numis Securities Limited (Nominated Advisor)
Stuart Skinner Tel: 020 7260 1000
Charles Farquhar Tel: 020 7260 1000
Barclays Bank PLC (Joint Broker)
Mark Astaire Tel: 020 7632 2322
Milan Solanki Tel: 020 7632 2322
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.
Legal Entity Identifier (LEI): 2138006K1U38QCGLFC94
Website: www.rqih.com
This information is provided by Reach, the non-regulatory press
release distribution service of RNS, part of the London Stock
Exchange. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
Reach is a non-regulatory news service. By using this service an
issuer is confirming that the information contained within this
announcement is of a non-regulatory nature. Reach announcements are
identified with an orange label and the word "Reach" in the source
column of the News Explorer pages of London Stock Exchange's
website so that they are distinguished from the RNS UK regulatory
service. Other vendors subscribing for Reach press releases may use
a different method to distinguish Reach announcements from UK
regulatory news.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
NRASSASUWEFSEIU
(END) Dow Jones Newswires
September 08, 2021 02:00 ET (06:00 GMT)
R&q Insurance (LSE:RQIH)
Historical Stock Chart
From Apr 2024 to May 2024
R&q Insurance (LSE:RQIH)
Historical Stock Chart
From May 2023 to May 2024