R&Q Insurance Holdings Ltd Appointment of Non-Executive Directors

RNS Number : 2401L

R&Q Insurance Holdings Ltd

19 April 2024

 

R&Q Insurance Holdings Ltd

 

Appointment of Non-Executive Directors

 

19 April 2024

 

R&Q Insurance Holdings Ltd (AIM-RQIH) ("R&Q" or the "Group") announces the appointments to the Board of Stephen Welch and Lawrence Hirsh as Non-Executive Directors, effective from 18 April 2024.

 

Stephen Welch has worked for financial sponsors and investors in both executive and non-executive roles. He has extensive experience managing complex corporate issues, including several restructuring situations of regulated financial services and insurance businesses. Stephen is also a Non-Executive Director of Telegraph Media Group Limited, The Spectator (1828) Limited and the Primary Group Limited. Stephen was a partner at McGrathNicol and a Senior Managing Director at FTI Consulting, and is a Chartered Accountant.

 

Lawrence Hirsh has acted as an independent board member and advisor to a number of companies, providing financial and operational services. Lawrence was previously a Managing Director for Alvarez & Marsal, leading its Southeastern US Corporate Restructuring Practice, and a Partner at Arthur Andersen LLP. As both an advisor and during his career, Lawrence has a track-record of helping drive operational improvements and cost reduction programs.

 

Jeff Hayman, Chairman of R&Q, said: "Stephen and Lawrence both bring relevant additional experience to the Board, in particular with regards to our priorities of reducing debt and improving the efficiency and expense base of the go-forward business. As we continue to work towards completing the sale of Accredited, these appointments also support our ongoing discussions with lenders to achieve their necessary approvals."

 

 

Regulatory disclosure - The following disclosures are made in accordance with Schedule 2(g) of the AIM Rules for Companies:

 

Lawrence Randall Hirsh, aged 61, holds no ordinary shares or options in the Company. Lawrence Hirsh's current and previous directorships are as follows:

 

Current Partnerships / Directorships

Previous Partnerships / Directorships (last 5 years)

Acousti Engineering Company Of Florida Air Pros Solutions, LLC Angel Oak Mortgage Income Opportunity Fund LLC Angel Oak Real Estate Investment Trust I Angel Oak Real Estate Investment Trust II Angel Oak Real Estate Investment Trust II LP Angel Oak Real Estate Investment Trust III CSI Financial Services, LLC Hylan Novellus, LLC Marx Okubo Associates, Inc Pluto Parent, LLC Premier Kings Of Alabama, LLC Premier Kings, Inc. PRGX Global Inc. Redlobster management, LLC Tom Barrow Company, INC Verano Holdings Corporation Virtex Investment Holdings, LLC

Alvarez & Marsal North America, LLC American Physician Partners, LLC Angel Oak Bridge Lending Fund Central Security Group, INC Georgia Renewable Power, LLC Sierra Hamilton Holdings Corporation Sierra Hamilton LLC Vondrehle Corporation

 

In his role as a restructuring advisor at Alverez and Marshall, Lawrence Hirsh was on the board of the following companies at the time of the following insolvency processes:

 

·      American Physician Partners - Chapter 11 in 2023

·      Vondrehle Corporation - Receiver appointed in 2023

·      Product quest manufacturing - Chapter 11 2018

 

 

Stephen Hamilton Welch, aged 50, holds no ordinary shares or options in the Company. Stephen Welch's current and previous directorships are as follows:

 

 

Current Partnerships / Directorships

Previous Partnerships / Directorships (last 5 years)

B.UK. Limited Best Doctors Insurance Limited Cadmus Media Group Holdings Limited (formerly known as Telegraph Media Group Holdings Limited) Ellerman Investments Limited (formerly known as Barclays Hotels Group Limited) Globoforce Group plc (subject to legal proceedings) May Corporation Limited Press Acquisitions Limited (formerly known as 2252nd Single Member Shelf Investment Company Limited) Press Holdings Limited Primary Group Ltd Rodimus Holdings Ltd Rodimus Infrastructure Ltd Rodimus Operations Limited (formerly known as Hamilton Welch Limited) Rodimus Securities Ltd Telegraph Media Group Holdings Limited (formerly known as Hackremco (No.2679) Limited) Telegraph Media Group Limited (formerly known as Telegraph Group Limited) The Chelsea Magazine Company Limited The Spectator (1828) Limited (formerly known as The Spectator (1975) Limited)

ABS Limited   Alter Domus Management Company SA   Alter Domus SARL   Essar Oil (UK) Limited   The Raynar Investment Trust PLC

 

In his role as a restructuring advisor, Stephen Welch was on the board of the following companies at the time of their insolvency processes:

·      ABS Limited - solvent scheme of arrangement

·      Bakeholdco 1, 2, 3 & 4 - creditors voluntary winding up in 2015

 

In addition, following the sale of the UK broking operations, Stephen Welch acted as a director and senior creditor petitioning the wind-up of R P Martin Group and associated group companies: MBG Europe Limited, WOWS 1 Limited, WOWS 8 Limited and R P Martin AG, which was a nil assets dormant subsidiary.

 

Save for the disclosures above, there are no further disclosures to be made in accordance with Rule 17 and Schedule 2(g) of the AIM Rules.

 

 

 

-Ends-

 

Enquiries to:

 

R&Q Insurance Holdings Ltd Jeff Hayman William Spiegel Tom Solomon	Tel: [phone]
Fenchurch Advisory Partners LLP (Financial Adviser) Kunal Gandhi Brendan Perkins John Sipp Richard Locke Tihomir Kerkenezov	Tel: [phone]
Barclays Bank PLC (Financial Adviser and Joint Broker) Gary Antenberg Richard Bassingthwaighte Anusuya Nayar Gupta Grant Bickwit	Tel: [phone]
Howden Tiger (Financial Adviser) Rob Bredahl                                                                                  Leo Beckham	Tel: [phone]
Deutsche Numis (Nominated Adviser and Joint Broker) Charles Farquhar                                                                                  Giles Rolls	Tel: [phone]
FTI Consulting Tom Blackwell	Tel: [phone]

 

 

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