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6 Jun 2008 07:00
6 June 2008
Randall & Quilter Investment Holdings plc
Jerry McArthur Appointed Chief Executive Officer of USA & Bermuda Operations
Jerry McArthur, currently Chairman of Capita Commercial Insurance Services, and previously CEO of the major claims and run-off management operation, CMGL, is to join Randall & Quilter, the insurance run-off services and acquisition specialist, to become CEO of their USA and Bermuda operations effective 1st October 2008.
As Chairman of Capita Commercial, McArthur was responsible for the run-off; finality; London Market and international operations of Capita Insurance Services.
Prior to Capita, McArthur had been CEO of CMGL since its inception in 1993 and took the company from start-up to a fully fledged outsource service provider operating in 8 countries. CMGL was owned for several years by Zurich Financial Services prior to a successful management buy-out in 2005 which was led by McArthur and backed by Sovereign Capital. It was subsequently sold to the Capita Group in 2007 for £32m, creating significant shareholder value in the process, having grown to approximately 500 staff and turnover approaching £50m.
Commenting on McArthur's appointment, Ken Randall, Chairman and Chief Executive of Randall & Quilter said:
"Jerry has a great track record of winning and building business in our sector.
"We have ambitious plans to develop the business in the USA. R&Q is already established, with offices in Massachusetts, Rhode Island and Pennsylvania and recently gained approval for a Class 3 reinsurer in Bermuda. These are important growth areas for our business.
"I have known Jerry for years: he is energetic and very experienced and his arrival will give everyone a boost and drive benefit to the bottom line. I am truly delighted that he has agreed to join us."
Commenting on his appointment, McArthur said:
"I am a great admirer of R&Q's business model and their proven ability to close transactions. They have huge potential in this specialist sector which is now underpinned by their successful listing on AIM. The combination of their inherent skills, track record and access to capital is compelling. Joining R&Q provides me with the opportunity to contribute to realising value for shareholders and to sharing the rewards. I am relishing working with Ken, Alan and the rest of the team"
ENDS
Notes:
Randall & Quilter announced on 11 January 2008 that, in accordance with plans announced when it listed on AIM, it had sought and received approval from the Bermuda Monetary Authority for the registration of a Bermudan class 3 reinsurer (Note 1), R & Q Re (Bermuda) Ltd. The Class 3 approval enables reinsurance of subsidiary insurance companies and a limited capacity to underwrite third-party business, both subject to regulatory approval.
Randall & Quilter is the holding company for a group of companies which operate in the non-life run-off insurance sector (the "Group"). The Group comprises three divisions:
Insurance Services Division. This manages insurance portfolios in run-off for both third party clients, including syndicates at Lloyd's, and for the Group's own insurance subsidiaries.
Insurance Company Division. This acquires solvent insurance companies in run-off, avoiding companies with any material personal lines business. Currently this division has eight companies in its portfolio.
Liquidity Management Division. This acquires reinsurance receivables on a recourse or non-recourse basis and seeks to realise them for cash.
The Group has approximately 170 staff in its offices in the UK and the US and has recently been selected as 'Run-off Management Service Provider of the Year 2007' by the Association of Run-off Companies.
Further information can be found at www.rqih.co.uk.
Enquiries:
Randall & Quilter Investment Holdings plc
Ken Randall Tel: 020 7780 5945 Mobile: 07831 145440
Alan Quilter Tel: 020 7780 5943 Mobile: 07773 428617
Noble & Company Limited
John Riddell Tel: 020 7763 2200 Mobile: 07854 041636
Numis Securities Limited
Charlie Farquhar Tel: 020 7260 1233 Mobile: 07990 593 733
Polhill Communications
PJ Lewis Tel: 07932 351704 pj_lewis@polhill.com
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