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."
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