R&q Insurance Share Discussion Threads

[alter ego] 21/2/2020 15:44

yes, other posts like this have been removed by ADVFN

[speedsgh] 21/2/2020 15:34

WARNING. Do not click on link in post 753. Spam. Possibly malware. Same post on multiple threads.

[red ninja] 21/2/2020 15:11

Despite announcing more legacy deals and a program underwriting partnership this year, we still seem to be heading to test the 145-150 level again.

[jonwig] 15/1/2020 09:38

Lord G - both R and Q are quite senior, and R has said he's winding down. Insurers are always on the consolidation trail and this one could be a catch.

[lord gnome] 15/1/2020 09:19

I read this as someone not getting the job they wanted / expected. Someone else has been brought in and so they are moving on. Happens all the time.Incidentally, am I the only one who thinks this will be bought out by the yanks eventually? It looks to be moving across the pond bit by bit.

[metis20] 15/1/2020 07:30

Interesting that Roger Sellek leaves so soon after Monday's news -

"The Board of Directors of Randall & Quilter Investment Holdings Ltd., the non-life legacy insurance investor and capacity provider of U.S. and European MGA program business, today announces the appointment of William Spiegel as Executive Director and Deputy Group Chairman, effective immediately.

William's appointment forms part of R&Q's management succession plan and he will assume the position of Executive Group Chairman when R&Q co-founder, Ken Randall, steps down in around 12 months, after 29 years at the helm."

[jonwig] 15/1/2020 07:08

Rather disturbing news. He'd only been there for six months!

The Board of Directors of Randall & Quilter Investment Holdings Ltd., the non-life legacy insurance investor and capacity provider of U.S. and European MGA program business, today announces the resignation of Roger Sellek as Executive Director and Joint Chief Executive Officer, effective immediately.

Ken Randall, Group Executive Chairman, said: "On behalf of the Board we thank Roger for his contribution to R&Q and wish him every success in his future endeavours."

[red ninja] 14/1/2020 20:04

The new guy seems to have lots of experience hopefully he can build on rqih's sucess.

5 million shares is quite a golden welcome.

[jonwig] 13/1/2020 07:54

New executive appointment ... He will focus on the strategic development and expansion of the Group as it builds on its recent outstanding financial performance in the thriving legacy and rapidly growing program management businesses in the U.S. and Europe ... and more appointments to come.

Both sectors have lots of potential, and one broker analyst said last year that program management will end up as the larger one.

[red ninja] 04/1/2020 10:43

Of course that makes sense.

[jonwig] 03/1/2020 08:04

The $19.3m of reserves are there to absorb future expected claims. These will reduce as the insurer winds down.

[red ninja] 03/1/2020 06:32

I saw the $0.6m NAV gain, but putting that against last year "Distinguished Re recorded a loss of $3.4m". I was not sure if there would be another loss this year. Thus not totally clear what the gain in the long run might be.

Maybe, they finished trading last year so no loss this year ?

[jonwig] 02/1/2020 12:26

Yes, I saw that. As I read it, the 'net assets' are an actuarial guess as to what remains after all expected future claims have been met - ie. $19.3m of them. So an immediate profit ('goodwill on bargain purchase') of $0.6m can be booked. Not huge - that segment was £43m in H1) - but chugging along.

I'm happy to be told my analysis above is wrong!

[red ninja] 02/1/2020 12:11

I see they did another legacy deal last year although as often the possible gain is not always clear :-

30 December 2019

Randall & Quilter Investment Holdings Ltd.

Acquisition of Barbados Insurer

30 December 2019

Randall & Quilter Investment Holdings Ltd. ("R&Q") is pleased to announce that its wholly owned subsidiary R&Q Re (Bermuda) Limited has completed the acquisition of the Barbados insurer, Distinguished Re Ltd. ("Distinguished Re"), formerly known as the Saranac Insurance Company, Ltd., a wholly owned subsidiary of Distinguished LLC.

Distinguished Re participated as a reinsurer of the capacity providers on business written through its sister company, Distinguished Programs, a national insurance programme manager that provides specialized Insurance Programs to brokers and agents with specific expertise in Real Estate, Community Associations, Cultural Institutions and Hospitality & Restaurants.

Distinguished Re had net technical reserves of $19.3m following completion. The cash consideration payable at closing by R&Q is $1. This represents a discount to Distinguished Re's net assets which, following completion were $0.6m. In the year to 31 December 2018, Distinguished Re recorded a loss of $3.4m.

Roger Sellek, Joint Chief Executive Officer of R&Q, commented: "We are pleased to have completed the acquisition of Distinguished Re, providing full finality for the parent Distinguished LLC. The acquisition marks the tenth transaction R&Q has completed in 2019, across five jurisdictions, underlining R&Q's continuing position as a market of choice for a broad range of legacy solutions."

[gswredland] 15/11/2019 16:44

Yes strange eh?

[red ninja] 15/11/2019 16:21

I naively though they might hold at around the £2 level, but once again it seems they are heading South. I am not sure why though.

[lord gnome] 09/10/2019 15:48

A bit of light profit taking today, knocking the top of what has now become a very overweight holding. Nothing wrong here. I think the shares are just drawing breath after a very good run on the back of a press tip.

[jonwig] 08/10/2019 12:37

Completion of Sandell acquisition. Paid $25m (possibly more under certain conditions) for $40.8m of net assets.

So does this mean that they book an immediate negative goodwill profit of $15.8m? Possibly, but Sandell made a loss of $2.7m last year So is the net asset value net of all expected future losses? (Because it's insurance, losses could be more or less than figured out.)

I don't know! But I think I know where to ask.

[speedsgh] 07/10/2019 09:14

In the words of Morten Harket #BlueSky

[lord gnome] 03/10/2019 08:33

Correct. Makes today's tick up look even better. My one bit of blue yesterday amongst all the carnage.

[jonwig] 03/10/2019 08:14

According to my notes, we are "xd" today to the tune of 3.8p. (Payment on 16th.)

[red ninja] 02/10/2019 12:21

Sounds like a useful addition to the staff :-



2 October 2019
R&Q appoints Mike Walker from KPMG as Chief Restructuring Officer

Randall & Quilter Investments Holdings Ltd ("R&Q"), the non-life legacy insurance investor and capacity provider of US and European program business is pleased to announce the appointment of Mike Walker, former partner at KPMG.

A newly created senior executive role, Mike Walker will be responsible for optimising the structures of R&Q's acquired discontinued business assets.

The new position comes at a time when R&Q is enjoying success in executing on its strategy of acquiring larger legacy (re)insurance portfolios where there are opportunities for releasing excess capital.

Mike Walker joins R&Q from KPMG where he was a Partner for over 15 years and occupied a number of senior roles, most recently as Global Head of Insurance Restructuring. In that capacity, he has been involved in some of the largest insurance restructurings in the UK and internationally and has also worked extensively on providing advice to companies with discontinued insurance business, dealing with all aspects of operations including transition to run off, strategic reviews and assessing finality options. He has also been involved in a number of business transfers and has been responsible for the restructuring - through the scheme of arrangement process - of over 150 companies and run off portfolios.

Ken Randall R&Q Executive Chairman, commented "We are delighted that Mike is joining R&Q's senior management team. The recent completion of our Global Re transaction - the largest acquisition in R&Q's history - demonstrates that we are enjoying success in delivering on our strategy of acquiring larger legacy portfolios. As a consequence, Mike's restructuring experience will be of great value to the firm in optimising the structures of our acquisition portfolio".

Mike Walker added: "I have known R&Q since its formation in 1991 and have great admiration for Ken Randall, Alan Quilter and their colleagues.

"After 30+ years at KPMG, I am delighted to be joining R&Q and am looking forward to managing the firm's acquired discontinued business assets".

Mike Walker joins R&Q on 7 October

[lord gnome] 02/10/2019 08:13

A fair bit of early buying interest. Questor clearly has a big following. Nice to be here ahead of the crowd for once.