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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
R&q Insurance Holdings Ltd | LSE:RQIH | London | Ordinary Share | BMG7371X1065 | ORD 2P (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.845 | 2.70 | 3.12 | 1,118,471 | 09:33:06 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Title Insurance | 82.8M | -297M | -0.7929 | -0.04 | 10.64M |
TIDMRQIH
RNS Number : 2480L
Randall & Quilter Inv Hldgs Ltd
30 September 2016
Randall & Quilter Investment Holdings Ltd.
Portfolio Transfer Agreement of run-off business from Aviabel S.A. to R&Q Insurance (Malta) Limited
30th September 2016
R&Q Insurance (Malta) Limited ("RQIM") is pleased to announce that regulatory approvals have been given to a Portfolio Transfer Agreement of certain contracts relating to legacy exposures originally underwritten by Aviabel S.A. Prior to the transfer, RQIM had written a reinsurance of the contracts. Aviabel S.A. is a long-established Belgian company specializing in aviation insurance and reinsurance.
RQIM was incorporated in 2013 for the purpose of consolidating owned and acquired insurance, reinsurance and captive portfolios from across Europe.
Commenting on today's announcement, Ken Randall, Chairman and Chief Executive Officer of Randall & Quilter Investment Holdings Ltd. ("R&Q"), said: "We are delighted to have received the necessary regulatory approvals to the business transfer and R&Q has now removed these liabilities completely from Aviabel S.A. This demonstrates the ability of R&Q to provide exit solutions from legacy insurance liabilities to companies throughout Europe. This is one of a number of current transactions we have been assessing and we remain excited about our legacy acquisition pipeline."
Ends
Enquiries to:
Randall & Quilter Investment www.rqih.com Holdings Ltd. Tom Booth Tel: +1 441 247 8330 Numis Securities Limited Stuart Skinner (Nominated Tel: 020 7260 Adviser) 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
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September 30, 2016 02:00 ET (06:00 GMT)
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