Last checked at 10 Jun 2013 09:05
Randall & Quilter Investment Holdings plc
Portfolio Transfer
10 June 2013
Randall & Quilter Investment Holdings plc ('R&Q' or the 'Group') is pleased to announce that it has successfully agreed a Portfolio Transfer Plan ("PTP") with Mutual Insurance Company Turva ("Turva"). The completion is subject to formal and regulatory approvals and is expected to be received in September. Under the PTP, Alma Insurance Company Ltd, a wholly owned subsidiary of the Group in Finland, has accepted a portfolio of run-off reinsurance contracts underwritten by Turva through Vara-Pooli. Turva will transfer assets of €485,000 to cover the expected insurance liabilities and the expenses of the transfer.
Commenting on today's announcement, Ken Randall, Chief Executive Officer of Randall & Quilter, said:
"We are pleased to have successfully agreed the transfer into Alma of Turva's share of Vara-Pooli and to have provided an exit solution for Turva subject to customary approvals. This is another example that demonstrates that the Group can provide a variety of solutions for companies wishing to dispose of their legacy run-off business and we look forward to future similar opportunities across Europe".
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Enquiries to:
Randall & Quilter Investment Holdings plc | www.rqih.co.uk |
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Tom Booth | Tel: 020 7780 5850 |
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| FTI Consulting | |||
| Edward Berry Tom Blackwell | Tel: 020 7269 7297 Tel: 020 7269 7222 | ||
Notes to Editors:
Since formation, Randall & Quilter has pursued a buy and build strategy to create a comprehensive range of investment activities and services in the global non-life insurance market and is focused on the following three core areas:
·; Insurance Investments;
·; Insurance Services; and
·; Underwriting Management
The Group:
·; has a team of up to 400 insurance professionals based in the UK, USA, Bermuda, and Continental Europe with wide service capability in both the 'live' and 'run-off' market;
·; has a current portfolio of 12 insurance companies in run-off (from the UK, US and Continental Europe) with net assets of c.£91.3m as at 31 December 2012
·; owns a Bermuda Class 3A insurance company which currently supports the Group's four syndicate participations;
·; has launched Syndicate 1991 which commenced underwriting from January 1, 2013 with a Capacity of £77m for 2013, provides 'turnkey' management services to Lloyd's syndicate 1897, manages two RITC ('run-off') syndicates and owns and operates 3 MGA business units; and
·; acquires and manages a portfolio of insurance receivables, with a carrying cost of c.£6.5m as at 31 December 2012.
The Group was founded by Ken Randall, Executive Chairman and Chief Executive, and Alan Quilter, Chief Operating Officer.