Randall & Quilter Inv Hldgs Ltd Novation (4905T)

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RNS Number : 4905T

Randall & Quilter Inv Hldgs Ltd

06 January 2017

Randall & Quilter Investment Holdings Ltd.

R&Q completes novation from an Arizona Captive

6 January 2017

Randall & Quilter Investment Holdings Ltd. ("R&Q") is pleased to announce the novation of liabilities for policy years 2001-2011 from PacWest Captive Insurance Company, Inc. ("PacWest"), an Arizona domiciled entity, to the R&Q owned segregated account company in Bermuda, R&Q Quest (SAC) Limited.

PacWest was formed in 2001 by Leavitt Group Enterprises to provide workers compensation coverage written by Leavitt-owned agencies. These policies were fronted by The Hartford and have been in runoff since June 30, 2011. Reserves for the policy years being novated are estimated to be c.$4.4m as at August 31, 2016.

Ken Randall, Chairman and Chief Executive Officer of R&Q, explained "We are pleased to complete this novation with PacWest, which further demonstrates our market leading position in providing captive exit solutions. This novation caps off a fantastic year of legacy transactions for R&Q, with prospects for 2017 looking even brighter".

Ends

Enquiries to:

 
  Randall & Quilter Investment   www.rqih.com 
    Holdings Ltd. 
  -----------------------------  ---------------- 
   Tom Booth                      Tel: [phone] 
                                   8330 
  -----------------------------  ---------------- 
 
    Numis Securities Limited 
  ----------------------------------------------- 
   Stuart Skinner (Nominated      Tel: [phone] 
    Adviser)                       1000 
  -----------------------------  ---------------- 
   Charles Farquhar (Broker)      Tel: [phone] 
                                   1000 
  -----------------------------  ---------------- 
 
    Shore Capital Stockbrokers Limited 
  ----------------------------------------------- 
   Dru Danford / Stephane Auton   Tel: [phone] 
                                   4090 
  -----------------------------  ---------------- 
   FTI Consulting 
    Edward Berry/Tom Blackwell     Tel: [phone] 
                                   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

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January 06, 2017 02:00 ET (07:00 GMT)