30 Sep 2016 07:00
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Randall & Quilter Investment Holdings Ltd.
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Portfolio Transfer Agreement of run-off business from Aviabel S.A. to R&Q Insurance (Malta) Limited
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30th September 2016
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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.
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RQIM was incorporated in 2013 for the purpose of consolidating owned and acquired insurance, reinsurance and captive portfolios from across Europe.
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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."
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Notes to Editors:
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About R&Q
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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.
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R&Q is focused on the following three core areas:
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· Insurance Investments
· Insurance Services
· Underwriting Management
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The Group:
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· 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;
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· 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;
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· 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;
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· 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;
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· 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;
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· 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
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The Group was founded by Ken Randall and Alan Quilter in 1991.
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Website: www.rqih.com
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