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(Alliance News) - R&Q Insurance Holdings Ltd received another key vote of confidence on Monday, after a shareholder backed the insurer's boss, a new board appointment, and plans to name an independent non-executive chair.
The Bermuda-based specialty non-life insurer named Robert Legget as a senior independent director on Monday, with the appointment effective from Friday. Alastair Campbell, who is currently the senior independent director, remains as an independent director before retiring on January 31, rounding off a nine-year stint on the board.
"The appointment forms part of R&Q's ongoing, and previously announced, plans to enhance its board composition. The board plans to introduce an independent non-executive chairman as soon as possible with the appointment of further Independent Directors in due course," R&Q added.
Slater Investments, which owns roughly a 12% stake in R&Q, backed the appointment.
"We have the highest regard for Robert having worked with him previously," Slater said.
"We also note the intention to appoint a new non-executive chair. We believe that their appointments are the best way to address the governance of the business."
Slater also said it will not support a motion to oust Executive Chair William Spiegel.
Earlier in August, Phoenix Asset Management Partners Ltd, which holds 12% stake in R&Q, said it was seeking to remove Spiegel.
Phoenix wants to appoint Ken Randall as director and, if Spiegel is removed, have him act as an executive director to fill the vacancy. Ken Randall used to be chair of Randall & Quilter Investment, before retiring in March 2021 and being succeeded by Spiegel. R&Q was previously known as Randall & Quilter Investment.
Slater's backing was another key win for Spiegel. Last week Wednesday, Vida Capital Management also supported the executive chair. Vida manages funds owning roughly 9.1% of R&Q.
"We believe a dramatic change to the strategy or to the executive leadership at this time would be counterproductive and would create a major distraction for the company. This is especially true after the successful recent capital raise, which allows the company to focus on execution of its strategy without the fundraising and merger distractions of the last year. We look forward to seeing the results that the team can deliver going forward," Vida said.
R&Q shares closed 4.3% lower at 100.00 pence each in London on Monday.
By Eric Cunha; ericcunha@alliancenews.com
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