RQIH.L Regulatory News (RQIH)

31 Jan 2008 09:16

Randall & Quilter Inv Hldgs PLC31 January 2008 31 January 2008 Randall & Quilter Investment Holdings plc Release permitted by FSA Randall & Quilter Investment Holdings plc, the award winning run-off managementservice provider and acquirer of solvent insurance companies in run-off, ispleased to announce that The Financial Services Authority has permitted aproposal to release funds of approximately £11 million of regulatory capitalfrom an insurance company subsidiary, Chevanstell Ltd. This allows the processto release the funds, which is anticipated to take up to eight weeks, to begin. Ken Randall, Chairman & Chief Executive Officer, said "I am delighted that sosoon after our successful IPO we have demonstrated that we can deliver on ourpromised strategy, to release solvency capital from companies within theInsurance Companies Division. £11m is a very substantial sum for a group of oursize". A further announcement will be made when the release is completed. ENDS Randall & Quilter is the holding company for a group of companies which operatein the non-life run-off insurance sector (the "Group"). The Group comprisesthree 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 andhas recently been selected as 'Run-off Management Service Provider of the Year2007' 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 This information is provided by RNS The company news service from the London Stock Exchange