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11 Mar 2009 07:00
Embargoed for 7.00 a.m.11 March 2009
Randall & Quilter Investment Holdings plc
Randall & Quilter Investment Holdings plc ("R&Q")
Re: Contract Win
Randall & Quilter, the AIM-traded insurance service provider and acquirer of solvent insurance companies in run-off is pleased to announce that Cavell Managing Agency Ltd ("Cavell"), a wholly-owned subsidiary of R&Q, is to provide management of a new syndicate, 3330, which will give finality to capital providers on Lloyd's Syndicate 2 for the 2001 and 2002 underwriting years. The 2001 year had been left open primarily because of the uncertainty of the Syndicate's World Trade Center related aviation exposures.
It is the first Lloyd's reinsurance to close ("RITC") with which Cavell has been involved having been granted the necessary permissions by both the FSA and Lloyd's. The RITC represents a major expansion in the activities of the managing agency and increases the liabilities managed by the agency significantly.
Syndicate 3330 is to take on £122mn of gross reserves by providing RITC of Syndicate 2, giving closure to the Names who underwrote on the Syndicate. The new syndicate is 100% backed by the Advent Group, which had previously provided 45 percent of capacity on both years.
The commercial terms of the transaction are being kept confidential.
Syndicate 2 wrote predominantly marine, aviation and non-marine reinsurance as well as some direct marine insurance. Like many others, the syndicate had significant losses in 2001 as a result of the attacks on September 11th and was still managing its exposure, particularly from the aviation book.
In a statement, Ken Randall, chief executive officer of R&Q and a director of Cavell said: "We are delighted that Randall & Quilter has been involved in providing a solution for the closure of Syndicate 2 and has been given the responsibility of managing the successor Syndicate 3330 through Cavell Managing Agency Limited".
Enquiries:
Randall & Quilter Investment Holdings plc
Ken Randall Tel: 020 7780 5945 Mobile: 07831 145 440
Alan Quilter Tel: 020 7780 5943 Mobile: 07773 428 617
Noble & Company Limited
John Riddell Tel: 020 7763 2200 Mobile: 07854 041 636
Numis Securities Limited
Charlie Farquhar Tel: 020 7260 1233 Mobile: 07990 593 733
Clean Communications
PJ Lewis Tel: 07932351704 pjlewis@cleancommunications.co.uk
Notes
About Randall & Quilter
Randall & Quilter is the holding company for a group of companies which operate in the non-life insurance services and run-off sector (the "Group"). The Group comprises three divisions:
Insurance Services Division. This provides insurance services and portfolio management 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 215 staff in its offices in the UK and the US.
Further information can be found at www.rqih.co.uk.
ENDS
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