Randall & Quilter Investment Holdings Ltd.
Transfer of the business of Aegon Insurance Company (UK) Limited to R&Q Insurance (Malta) Limited
08 September 2016
Randall & Quilter Investment Holdings Ltd. ('R&Q') is pleased to announce the sanction of the transfer pursuant to Part VII of the Financial Services & Markets Act 2000 of business from Aegon Insurance Company (UK) Limited (AIC) to R&Q Insurance (Malta) Limited ("RQIM").
AIC is a general insurer, which has been in run-off since 1994, that was acquired by Guardian Assurance Group (GA) in 2002, GA is a Life Insurer and wished to dispose of its General Insurance Liabilities.
RQIM was incorporated in 2013 for the purpose of consolidating owned and acquired insurance, reinsurance and captive portfolios from across Europe. The AIC business transferred to RQIM is further proof of the concept of consolidating the run-off of long term liabilities.
Commenting on today's announcement, Ken Randall, Chairman and Chief Executive Officer of Randall & Quilter, said: "We are delighted to have completed the transfer of this book of business, demonstrating that R&Q can assist Insurers in managing their business. This transaction adds further to the scale of R&Q Insurance (Malta), and allows a life insurer to concentrate on its core business by divesting the general insurance risks from its portfolio"
Notes to Editors:
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
· 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 £123.7m 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 £130m 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 £6.0m 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.
This information is provided by RNS