Randall & Quilter Inv Hldgs Ltd Run-off Arrangement (4395O)
November 07 2016 - 2:00AM
UK Regulatory
TIDMRQIH
RNS Number : 4395O
Randall & Quilter Inv Hldgs Ltd
07 November 2016
Randall & Quilter Investment Holdings Ltd.
Run-off Arrangement
7 November 2016
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".
-Ends-
Enquires to:
Randall & Quilter Investment Holdings Ltd. www.rqih.com
Tom Booth Tel: +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 3727 1046
Notes to Editors:
About R&Q
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.
R&Q is focused on the following three core areas:
Insurance Investments
Insurance Services
Underwriting Management
The Group:
-- 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;
-- 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;
-- owns and manages a portfolio of insurance companies, both
active and in run-off, in the UK, US and Europe with net assets of
GBP123.7m as at 31 December 2015;
-- 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;
-- launched Syndicate 1991, which commenced underwriting from
January 1, 2013 and has an agreed capacity of GBP130m for 2016,
manages one RITC ('run-off') syndicate, 3330, and owns and operates
an MGA platform;
-- acquires and manages a portfolio of insurance receivables,
with a carrying cost of GBP6.0m as at 31 December 2015, of which
R&Q holds a 50% interest
The Group was founded by Ken Randall and Alan Quilter in
1991.
Website: www.rqih.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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