(Alliance News) - Insurance investment firm Randall & Quilter Investment Holdings Ltd said Wednesday it has hired Mike Walker to a newly created role to "optimise" the restructuring of the company's acquired discontinued assets.
Walker, a former partner at KPMG, will be named the non-life legacy insurance investor's chief restructuring officer on Monday.
Walker's most recent role at KPMG was global head of insurance restructuring.
"In that capacity, he has been involved in some of the largest insurance restructurings in the UK and internationally and has also worked extensively on providing advice to companies with discontinued insurance business, dealing with all aspects of operations including transition to run off, strategic reviews and assessing finality options," Randall & Quilter said.
The company said Walker has been responsible for the restructuring of over 150 companies and run off portfolios.
"The new position comes at a time when R&Q is enjoying success in executing on its strategy of acquiring larger legacy (re)insurance portfolios where there are opportunities for releasing excess capital," the company continued.
Executive Chair Ken Randall added: "We are delighted that Mike is joining R&Q's senior management team. The recent completion of our Global Re transaction - the largest acquisition in R&Q's history - demonstrates that we are enjoying success in delivering on our strategy of acquiring larger legacy portfolios. As a consequence, Mike's restructuring experience will be of great value to the firm in optimising the structures of our acquisition portfolio."
Shares in Randall & Quilter were 8.6% higher in London at midday on Wednesday at 202.00 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
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