Randall & Quilter Inv Hldgs Ltd R&Q completes Loss Portfolio Transfer (5107I)
June 20 2017 - 2:00AM
UK Regulatory
TIDMRQIH
RNS Number : 5107I
Randall & Quilter Inv Hldgs Ltd
20 June 2017
Randall & Quilter Investment Holdings Ltd.
R&Q completes Loss Portfolio Transfer with California based
insurance group
20 June 2017
Randall & Quilter Investment Holdings Ltd. ("R&Q") is
pleased to announce it has written a Loss Portfolio Transfer
reinsurance contract to cover the livery, trucking, and
contractors' liability programs issued between 2007 and 2015 by a
California based insurance group. As part of the transaction,
R&Q will assume the claims handling responsibilities for the
carrier. The estimated undiscounted liabilities assumed are c.
$43m. R&Q worked in conjunction with Willis Re to successfully
complete this transaction.
Ken Randall, Chairman and Chief Executive Officer of R&Q,
commented:
"We are pleased to provide a solution incorporating claims
handling with a traditional LPT contract, which further
demonstrates our ability to provide exit solutions to
counterparties. This LPT demonstrates Accredited Surety &
Casualty's expanded capabilities on the U.S. west coast and
emphasizes our continued commitment to provide legacy liability
solutions within the North American market. To complete this deal
so shortly after another similar sized LPT contract is further
proof of our increased level of activity in the legacy market,
especially pleasing in the first half of the year."
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 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 over 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
GBP161m as at 31 December 2016;
-- owns an admitted P&C Insurer, A- rated by AM Best, with
licenses throughout the US; owns a Bermuda Class 3A insurance
company;
-- launched Syndicate 1991, which commenced underwriting from
January 1, 2013 and has an agreed capacity of GBP127m for 2017,
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 GBP5.6m as at 31 December 2016
The Group was founded by Ken Randall and Alan Quilter in
1991.
Legal Entity Identifier (LEI): 2138006K1U38QCGLFC94
Website: www.rqih.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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