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RQIH R&q Insurance Holdings Ltd

5.51
0.17 (3.18%)
28 Mar 2024 - Closed
Delayed by 15 minutes
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
  0.17 3.18% 5.51 5.02 6.00 5.46 5.02 5.46 166,739 16:35:23
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Title Insurance 82.8M -297M -0.7929 -0.06 18.8M

Randall & Quilter Inv Hldgs Ltd Program underwriting partnership

31/07/2018 7:02am

RNS Non-Regulatory


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Randall & Quilter Inv Hldgs Ltd

31 July 2018

Randall & Quilter Investment Holdings Ltd.

31 July 2018

Accredited announces new program underwriting partnership with Atlas General Services Insurance LLC

Randall & Quilter Investment Holdings Ltd. ('R&Q'), is pleased to announce that its wholly owned subsidiary Accredited Surety & Casualty Company, Inc ('Accredited') the Florida-headquartered insurance company that is licensed in all 50 states to write admitted business, has closed its largest ever program underwriting partnership.

From 1 July 2018, Accredited began underwriting on behalf of Atlas General Services Insurance LLC ("Atlas"), the leading US program management administrator.

Headquartered in California, Atlas is one of the nation's leading workers' compensation administrators and has evolved to provide coverage for a number of different classes including construction, habitational risks, hotels and office/retail.

The partnership is initially focussed on workers' compensation and is estimated to be worth an initial c$30mn in annual GWP. Atlas and R&Q expect this figure to grow significantly over the next two to three years.

It is the third new program underwriting partnership agreed by Accredited in 2018 and draws on parent company R&Q's decades of experience in managing long-tail claims and Accredited's balance sheet strength which is reflected in its A- (Excellent) financial strength rating and its admitted licences in all fifty states.

Atlas works closely with a panel of highly rated reinsurance companies and Accredited will provide coverage supported by 100 percent quota share reinsurance.

Todd Campbell, CEO of Accredited, commented: "We are delighted to be working with Atlas, a 'best-in-class' MGA that is one of the nation's leading providers of workers' compensation products."

"Accredited closed five new program underwriting partnerships in 2017 and Atlas is our third new one for 2018. With a strong pipeline of new partnerships, Accredited is excited to be delivering on our mission to be the program underwriter of choice for US MGAs and their capital partners".

Ken Randall, CEO of R&Q, added: "This partnership with Atlas is based on R&Q and Accredited's more than 30 years' experience of insurance management in different risk classes and Accredited's fully admitted status in all fifty states.

"We look forward to working with Atlas and will be making further announcements regarding additional partnerships in the second half of 2018".

Ends

 
  Randall & Quilter Investment Holdings 
    Ltd. 
   Ken Randall                             Tel: 020 7780 5945 
 
    Numis Securities Limited (Nominated Adviser) 
   Stuart Skinner                          Tel: 020 7260 1000 
   Charles Farquhar                        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

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

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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(END) Dow Jones Newswires

July 31, 2018 02:02 ET (06:02 GMT)

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