Randall & Quilter Inv Hldgs Ltd Part VII Transfer
March 19 2020 - 3:00AM
RNS Non-Regulatory
TIDMRQIH
Randall & Quilter Inv Hldgs Ltd
19 March 2020
Randall & Quilter Investment Holdings Ltd.
19 March 2020
Anglo French Part VII Transfer
Randall & Quilter Investment Holdings Ltd. ("R&Q") is
pleased to announce that its wholly owned subsidiary, R&Q Gamma
Company Limited ("R&Q Gamma") has completed the transfer of the
US liability insurance underwritten by Anglo French Ltd.
("Anglo-French"). The transaction took place by means of an
insurance business transfer scheme under Part VII of the Financial
Services and Markets Act 2000. The Part VII was sanctioned at a
hearing on 3 March 2020 and took effect on 5 March 2020.
Anglo-French underwrote a combination of direct business and
facultative and treaty reinsurance business between 1958 and 1969
and has been in run-off since. In 2017, in preparation for the Part
VII, the R&Q Group took on the liabilities of the Anglo-French
business through a Loss Portfolio Transfer Agreement written by
Accredited Insurance (Europe) Limited, a sister company to R&Q
Gamma.
Paul Corver, R&Q Group Head of M&A, commented: "R&Q
continues to demonstrate its ability to successfully execute legacy
solutions utilising the Part VII process. This transfer marks the
seventh Part VII completed by R&Q over the last 7 years. With
ever increasing demand for full finality of long tail liabilities
we expect to finalise more transactions in the UK market in
2020."
Ends .
This announcement contains inside information.
Enquiries to:
Randall & Quilter Investment Holdings
Ltd.
Paul Corver Tel: + 44 (0) 207
780 5944
Numis Securities Limited (Nominated Adviser)
Stuart Skinner Tel: +44 (0) 207 260
1000
Charles Farquhar Tel: +44 (0) 207 260
1000
Shore Capital Stockbrokers Limited
Stephane Auton/James Thomas Tel: +44 (0) 207 408
4090
FTI Consulting
Edward Berry/Tom Blackwell Tel: +44 (0) 203 727
1046
Notes to Editors :
About R&Q
The overall mission of the Bermuda based Group is to:
-- generate profits and capital extractions from expert
management of legacy non-life insurance acquisitions/ reinsurances,
including in Lloyd's; and
-- grow commission income from its licensed (and rated) carriers
in the US and EU/UK, writing niche and profitable program business,
largely on behalf of highly rated reinsurers.
Our aim is to continue to grow sustainable profit streams to
support our business model and increase book value and cash
distributions to shareholders.
The Group was founded by Ken Randall and Alan Quilter in
1991.
Legal Entity Identifier (LEI): 2138006K1U38QCGLFC94
Website: www.rqih.com
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END
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