TIDMRQIH

R&Q Insurance Holdings Ltd

26 October 2023

R&Q Insurance Holdings Limited

Loss Portfolio Transfer

26 October 2023

R&Q Insurance 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 it has signed a Loss Portfolio Transfer (LPT) Reinsurance agreement with a UK motor insurer covering net reserve of c.US$80m.

The transaction is subject to regulatory approvals and other conditions of closing.

Huw Battrick , Co-Head of Legacy M&A at R&Q , commented: "We are pleased to announce this transaction for R&Q Legacy and work to put in place a reinsurance solution that supports our client with its ongoing business objectives".

Parri Spector, Co-Head of Legacy M&A at R&Q , added: "We are seeing increased interest in legacy insurance solutions for UK motor as incumbents look to manage the current inflationary claims environment in a highly competitive marketplace and, given R&Q's strong in-house expertise, see this as an area of opportunity. This transaction increases our reserves under management, and we continue to have a strong pipeline for R&Q Legacy with c. $900m of identified reserves across Europe, North America and Bermuda consisting of both direct and brokered transactions."

Ends

Enquiries to:

 
 R&Q Insurance Holdings Ltd.        Tel: 020 7780 5850 
  William Spiegel 
  Tom Solomon 
 
   Numis Securities Limited (Nominated Advisor & Joint 
   Broker) Tel: 020 7260 1000 
  Giles Rolls 
  Charles Farquhar 
 
   Barclays Bank PLC (Joint Broker)   Tel: 020 7632 2322 
   Andrew Tusa 
   Anusuya Nayar Gupta 
 
   FTI Consulting                     Tel: 020 3727 1051 
   Tom Blackwell

Notes to Editors:

About R&Q

R&Q is a global non-life specialty insurance company. We operate two core businesses: Program Management and Legacy Insurance. Both these businesses are leaders in their respective markets.

Our approach is to deploy our origination and underwriting capabilities, alongside our licensed and rated carriers in the US, EU, and the UK, to generate attractive fee returns in Program Management and Legacy Insurance.

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.

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

NRAFEMFWIEDSEDS

(END) Dow Jones Newswires

October 26, 2023 02:00 ET (06:00 GMT)

R&q Insurance (LSE:RQIH)
Historical Stock Chart
From Apr 2024 to May 2024 Click Here for more R&q Insurance Charts.
R&q Insurance (LSE:RQIH)
Historical Stock Chart
From May 2023 to May 2024 Click Here for more R&q Insurance Charts.