Randall & Quilter Inv Hldgs Ltd Portfolio Transfer (2480L)
September 30 2016 - 2:00AM
UK Regulatory
TIDMRQIH
RNS Number : 2480L
Randall & Quilter Inv Hldgs Ltd
30 September 2016
Randall & Quilter Investment Holdings Ltd.
Portfolio Transfer Agreement of run-off business from Aviabel
S.A. to R&Q Insurance (Malta) Limited
30th September 2016
R&Q Insurance (Malta) Limited ("RQIM") is pleased to
announce that regulatory approvals have been given to a Portfolio
Transfer Agreement of certain contracts relating to legacy
exposures originally underwritten by Aviabel S.A. Prior to the
transfer, RQIM had written a reinsurance of the contracts. Aviabel
S.A. is a long-established Belgian company specializing in aviation
insurance and reinsurance.
RQIM was incorporated in 2013 for the purpose of consolidating
owned and acquired insurance, reinsurance and captive portfolios
from across Europe.
Commenting on today's announcement, Ken Randall, Chairman and
Chief Executive Officer of Randall & Quilter Investment
Holdings Ltd. ("R&Q"), said: "We are delighted to have received
the necessary regulatory approvals to the business transfer and
R&Q has now removed these liabilities completely from Aviabel
S.A. This demonstrates the ability of R&Q to provide exit
solutions from legacy insurance liabilities to companies throughout
Europe. This is one of a number of current transactions we have
been assessing and we remain excited about our legacy acquisition
pipeline."
Ends
Enquiries to:
Randall & Quilter Investment www.rqih.com
Holdings Ltd.
Tom Booth Tel: +1 441 247
8330
Numis Securities Limited
Stuart Skinner (Nominated Tel: 020 7260
Adviser) 1000
Charles Farquhar (Broker) 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
Randall & Quilter pursues a buy and build strategy and has
created a comprehensive range of investment activities and services
in the global non-life insurance market.
R&Q is focused on the following three core areas:
-- Insurance Investments
-- Insurance Services
-- Underwriting Management
The Group:
-- provides a range of services to both the live and legacy
(re)insurance markets to support growing businesses and address
complex and challenging run-off issues;
-- employs close to 400 insurance professionals based in the UK,
US, Bermuda, and Europe with wide service capability in both the
'live' and 'run-off' markets;
-- owns and manages a portfolio of insurance companies, both
active and in run-off, in the UK, US and Europe with net assets of
GBP123.7m as at 31 December 2015;
-- owns an admitted P&C Insurer, A- rated by AM Best, with
licenses throughout the US; owns a Bermuda Class 3A insurance
company which currently supports the Group's syndicate
participations;
-- launched Syndicate 1991, which commenced underwriting from
January 1, 2013 and has an agreed capacity of GBP130m for 2016,
manages one RITC ('run-off') syndicate, 3330, and owns and operates
an MGA platform;
-- acquires and manages a portfolio of insurance receivables,
with a carrying cost of GBP6.0m as at 31 December 2015, of which
R&Q holds a 50% interest
The Group was founded by Ken Randall and Alan Quilter in
1991.
Website: www.rqih.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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