Last checked at 18 Oct 2013 07:00
Randall & Quilter Investment Holdings Ltd
("Randall & Quilter" or the "Company")
Completion of Portfolio Transfers into Alma Insurance Company
18 October 2013
Randall & Quilter Investment Holdings Ltd ('R&Q' or the 'Group') is pleased to announce that the portfolio transfers of certain reinsurance business from two Finnish companies, Mutual Insurance Company Fennia ("Fennia") and Mutual Insurance Company Turva ("Turva") have now completed having received all necessary approvals. The Portfolio Transfers were agreed and announced in June 2013.
Commenting on today's announcement, Ken Randall, Chief Executive Officer of Randall & Quilter, said:
"We are delighted to have successfully completed the transfers into Alma from Turva and Fennia and this demonstrates the Group's ability to provide a variety of solutions for companies wishing to dispose of their legacy run-off business and we look forward to further similar opportunities across Europe".
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Enquiries to:
Randall & Quilter Investment Holdings Ltd www.rqih.com
Tom Booth Tel: +00 1 441 247 8330
Numis Securities Limited
Stuart Skinner (Nominated Adviser) Tel: 020 7260 1000
Charles Farquhar (Broker) Tel: 020 7260 1000
Shore Capital Stockbrokers Limited
Dru Danford/Stephane Auton Tel: 020 7408 4090
FTI Consulting
Edward Berry / Tom Blackwell Tel: 020 7269 7297
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 14 insurance companies and captives in run-off (from the UK, US and Continental Europe) with net assets of c.£96.4m as at 30 June 2013
· 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 £76m 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. £8.9m as at 30 June 2013;
The Group was founded by Ken Randall, Executive Chairman and Chief Executive, and Alan Quilter, Chief Operating Officer.