Randall & Quilter Investment Holdings Ltd.
Loss Portfolio Transfer Reinsurance Agreement of The Solicitors Indemnity Mutual Insurance Association Limited ("SIMIA")
28 September 2016
R&Q Insurance (Malta) Limited ("RQIM") is pleased to announce that it has reached agreement with SIMIA to provide loss portfolio reinsurance coverage for all insurance contracts previously underwritten by SIMIA.
During 2016/17 it is planned, subject to regulatory approval, to transfer the business to RQIM pursuant to Part VII of the Financial Services & Markets Act 2000.
SIMIA is a long-established mutual insurance company whose sole business is the provision of professional indemnity insurance to firms of solicitors based in England and Wales. It ceased writing new or renewal business in 2011.
RQIM was incorporated in 2013 for the purpose of consolidating owned and acquired insurance, reinsurance and captive portfolios from across Europe. This is one of a number of recently announced insurance legacy transactions.
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 write this reinsurance and, subject to regulatory approval, we now plan to remove the liabilities completely from SIMIA by way of a Part VII transfer. This demonstrates the ability of R&Q to provide exit solutions from legacy insurance liabilities to all types of companies."
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