7 Nov 2016 07:00
Randall & Quilter Investment Holdings Ltd.
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Run-off Arrangement聽
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7 November 2016
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Randall & Quilter Investment Holdings Ltd is pleased to announce that it has entered into an arrangement with the Law Society of Ireland in respect of the run-off obligations of the Solicitors Mutual Defence Fund (SMDF).
SMDF was established in 1987 as a mutual fund to provide professional indemnity protection for solicitors practicing in Ireland. The fund ceased trading in 2011 following a series of heavy losses relating to the economic downturn in Ireland.
R&Q is a specialist run-off company that acquires and manages portfolios to their natural extinction.
Commenting on today's announcement, Ken Randall, Chairman and Chief Executive Officer of Randall & Quilter Investment Holdings Ltd. ("R&Q"), said: "We are pleased to announce the arrangement with the Law Society of Ireland further demonstrating R&Q's ability to offer finality solutions in a range of different situations".
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-Ends-
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Enquires to:
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Randall & Quilter Investment Holdings Ltd.聽www.rqih.com聽
Tom Booth聽Tel: +1 441 247 8330聽
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Numis Securities Limited聽
Stuart Skinner (Nominated Adviser)聽Tel: 020 7260 1000聽
Charles Farquhar (Broker)聽Tel: 020 7260 1000聽
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Shore Capital Stockbrokers Limited聽
Dru Danford / Stephane Auton聽
Tel: 020 7408 4090聽
FTI Consulting
Edward Berry/Tom Blackwell
Tel: 020 3727 1046
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Notes to Editors:
About R&Q聽
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.聽
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聽R&Q is focused on the following three core areas:聽
Insurance Investments聽
Insurance Services聽
Underwriting Management聽
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The Group:聽
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路 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;
路 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;聽
路 owns and manages a portfolio of insurance companies, both active and in run-off, in the UK, US and Europe with net assets of 拢123.7m as at 31 December 2015;聽
路 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;聽
路 launched Syndicate 1991, which commenced underwriting from January 1, 2013 and has an agreed capacity of 拢130m for 2016, manages one RITC ('run-off') syndicate, 3330, and owns聽and operates an MGA platform;聽
路 acquires and manages a portfolio of insurance receivables, with a carrying cost of 拢6.0m as at 31 December 2015, of which R&Q holds a 50% interest聽
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The Group was founded by Ken Randall and Alan Quilter in 1991.
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Website:聽www.rqih.com
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