Source - RNS
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 Holdings Ltd.

www.rqih.com

Tom Booth

Tel: +1 441 247 8330

 

Numis Securities Limited

Stuart Skinner (Nominated Adviser)

Tel: 020 7260 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 £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.

 

Website: www.rqih.com

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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