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10 Sep 2020 07:00
Randall & Quilter Investment Holdings Ltd.
R&Q completes merger of Sandell Re Ltd into Tradesman Program Managers, LLC.
10 September 2020
Further to the announcement on August 10, 2020, Randall & Quilter Investment Holdings Ltd. ("R&Q" or the "Group") is pleased to announce the completion of the combination of its wholly owned subsidiary, Sandell Re Ltd. ("Sandell"), with Tradesman Program Managers, LLC. ("Tradesman"), following receipt of regulatory approval and satisfaction of closing conditions.
Tradesman is a New York based Managing General Agent which underwrites liability insurance known as the ARTISAN Constructors' General Liability insurance program ("ARTISAN program") through insurance policies which are issued by Accredited Surety & Casualty Company Inc. ("Accredited US"), R&Q's A- 9 rated subsidiary. Sandell is one of the main reinsurers of the ARTISAN program.
Commenting on the transaction, Ken Randall, Executive Chairman of R&Q said: "Through our minority interest in the combined business we have a unique opportunity to drive fee-based revenues in the agency and program management businesses, whilst generating strong underwriting results in the risk carrier. We're delighted to have completed this transaction and look forward to working with Dan Hickey and his team."
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Notes to Editors:
About R&Q
The overall mission of the Bermuda based Group is to:
· Generate profits and capital extractions from expert management of legacy non-life insurance acquisitions/reinsurances, including in Lloyd's; and
· Grow commission income from its licensed (and rated) carriers in the US and EU/UK, writing niche and profitable program business, largely on behalf of highly rated reinsurers.
Our aim is to continue to grow sustainable profit streams to support our business model and increase book value and cash distributions to shareholders.
The Group was founded by Ken Randall and Alan Quilter in 1991.
Legal Entity Identifier (LEI): 2138006K1U38QCGLFC94
Website: www.rqih.com
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