R&q Insurance Share Discussion Threads

[simon gordon] 24/5/2022 14:47

GLG in with a 5% position.

In for the arb?

That would swing it.

[simon gordon] 24/5/2022 14:40

The Insurer - 25/3/22:

Aon’s Bennett forecasts further growth of $60bn+ US MGA market

The $60bn-plus US MGA market will maintain its current growth trajectory for the foreseeable future with the sector buoyed by underwriting talent being drawn to the prospect of better remuneration and broader industry pricing that remains on the rise, Aon’s Doug Bennett has told Program Manager.

Continued....



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Accredited probably has the potential to do $5bn+ GWP in the coming years with Brickell's capital support to write such a level of capacity. The future profit potential is mouth watering.

If they can't get it over line tomorrow without Slater could they come back with a higher bid to get hold of all that GWP potential in Accredited. $5bn at 5% = $250m at 80% margin = $200m pre tax profit.

[simon gordon] 24/5/2022 14:25

The Insurer - 24/5/22:

Accredited Europe inks multi-year £2bn GWP partnership with UK MGA Policy Expert

Randall & Quilter (R&Q)’s European program management arm Accredited Europe has unveiled a six-year agreement with expansive home and motor insurance MGA Policy Expert as it targets £2bn in gross written premium (GWP) over the period.

[jeff h] 24/5/2022 12:11

3800 - I wrote to them Friday to ask for it to be added to the II mailbox, it appeared in my mailbox today, maybe mail them using the secured message facility, they are often quick in replying.

[simon gordon] 24/5/2022 11:52

William Spiegel in Zurich today, wonder if he's met Mark Slater face to face now he's in Europe?

From Linkedin:

William Spiegel of Randall & Quilter Investment Holdings Ltd. kicking off the inaugural European MGA Forum 2022 in Zurich

[3800] 24/5/2022 10:39

it's not in my voting mailbox with ii jeff

[jeff h] 24/5/2022 10:12

Interactive Investor have their voting mailbox facility up and running allowing shareholders to vote their intentions to the adjourned Special General Meeting takeover resolutions.

PI votes are probably too small to affect the outcome but with a none vote counting as a vote against and the existing proxy votes already close to the 75% of the voting shares entitled to vote required to pass the resolutions they could perhaps be enough to swing the vote result.

[red ninja] 21/5/2022 17:13

Well I think the funds will determine the result and it seems to me Brickell will probably win, but either way not long to wait.

[fred177] 21/5/2022 16:59

Red Ninja seems like he's holding a few cards here either way ? What does that mean for retail holders?

[red ninja] 21/5/2022 16:09

It is not clear to me if the Slater comment is from before the vote, or a restated comment after the vote.

[simon gordon] 21/5/2022 14:49

Can anyone post the piece in today's Times as they seem to be in direct touch with Mark Slater?

[red ninja] 21/5/2022 12:22

Geraldus,

I believe the intention is for Brickells to merge one of it subsidiary's into R & Q and for it to continue as a private Brickell subsidiary under the very much valued current management.

I would not be surprised if R & Q does live up to it's potential even if it Brickell and 777 partners who will reap the rewards.

[simon gordon] 21/5/2022 08:15

One of the founders is the CEO.

One could say that the founders and their Brandywine deal is why they've had to do an emergency capital raise of $100m and sell the company.

[topvest] 21/5/2022 07:32

Sell when the founders depart is the conclusion here.

[geraldus] 21/5/2022 06:35

Possibly a sad ending here with my capital tied up until the eventual pay day. - Randall and Quilter - deceased.

[topvest] 20/5/2022 19:48

All a bit of a mess.

[simon gordon] 20/5/2022 16:39

Say they've got 72%.

Slater has 9.9%.

Brickell's non voting shares are 13.3%.

Total = 95.2%.

So, stragglers of 4.8% are free and look to have voted no.

-

RNS - 1/4/22

"Brickell and its affiliates currently have a 23.2% shareholding in R&Q but 9.9% voting rights in R&Q. In March 2019, Brickell made its initial investment in R&Q by acquiring a 9.0% shareholding. In April 2020, Brickell purchased an additional $80 million of exchangeable preferred stock of a R&Q affiliate. In January 2021, Brickell exchanged the preferred stock to equity in R&Q but remained at 9.9% voting interest in R&Q following the receipt of relevant regulatory approvals. As a result of the terms of the conversion documents and R&Q's Bye-laws, Brickell and its affiliates currently only have the ability to exercise voting rights equal to 9.9% of the current total voting rights in R&Q without obtaining relevant regulatory approvals."

[simon gordon] 20/5/2022 16:27

Brickell own 23.2% of RQIH but only have 9.9% voting rights.

[afilip] 20/5/2022 16:23

You're right, then it may not be just Slater who voted against.

[red ninja] 20/5/2022 16:01

25% of 70% is 17.5% isn't it ?

I think they need 75% of shares voted rather than an absolute 75% ?

[red ninja] 20/5/2022 16:00

I'd like to believe Brickell would increase the offer price, but I'm not convinced they have to. Why not just buy in the market to get the deal over the line.

[afilip] 20/5/2022 15:58

I'm struggling to reconcile how it was indeed Slater against - announcement mentions a shortfall of less than 5% of the votes, while Slater was at around 10% as of the last notification.

[simon gordon] 20/5/2022 15:54

Maybe to save Slater's face Brickell give another 5p to 25p to get the deal over line? Then again Slater has no leverage, so why give him any more, the other shareholders are cool and he's not talked any around to his viewpoint.