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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 Directorate Change (6755C)

19/06/2019 7:00am

UK Regulatory


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RNS Number : 6755C

Randall & Quilter Inv Hldgs Ltd

19 June 2019

19 June 2019

Randall & Quilter Investment Holdings Ltd.

("R&Q", "Group" or the "Company")

Appointment of Executive Director and Senior Management Changes

The Board of Randall & Quilter Investment Holdings Ltd. the non-life legacy insurance investor and capacity provider of US and European MGA program business, today announces that Ken Randall is to step down as Group CEO, but will be continuing as Executive Chairman of the Group.

The Board is pleased to announce the appointment of Dr Roger Sellek as a Director of the Company.

Alan Quilter and Dr Roger Sellek are to be appointed to the newly-created positions of Joint Chief Executive Officers.

Following Roger's appointment, the Board will comprise four Executive Directors (Ken Randall, Alan Quilter, Mark Langridge and Roger Sellek) and four Non-Executive Directors (Michael Smith, Alastair Campbell, Phil Barnes and Ms. Jo Fox).

Alan Quilter, a Chartered Accountant, jointly founded the business with Ken Randall in 1991 and currently serves as Group Chief Financial Officer.

Roger Sellek joins R&Q from AM Best, the leading international credit-rating agency focused on the insurance sector, where he was CEO with responsibility for the group's worldwide activities ex-Americas. Roger was with AM Best for 12 years, initially based in London and relocating to Singapore in 2015.

Prior to joining AM Best, Roger held senior roles within the Corporation of Lloyd's, providing leadership across a range of areas including the development and implementation of key initiatives such as Risk-Based Capital and Realistic Disaster Scenarios as well as the modelling of Lloyd's Central Fund adequacy. He was also responsible for delivery of the initial credit ratings for the Lloyd's Market. As Commercial Director at Lloyd's from 2000, he was responsible for the market's strategic business relationships with its investor base, brokers, the rating agencies and the financial-analyst community. Roger first entered the world of insurance when he joined a predecessor company of R&Q in 1993 where he was involved in a number of important projects, notably in relation to the formation of Equitas.

In addition to over 25 years of wide-ranging experience and achievement in the insurance and reinsurance sectors, Roger has an academic background and holds both a BSc and PhD in mathematical physics from the University of Exeter. Roger also holds an MBA in strategic management from Imperial College at the University of London.

In his new role at R&Q, Dr Sellek will be jointly responsible with Alan Quilter for the efficient and effective running of the Group's business and will have direct management responsibility for a number of the Group's business activities.

Ken Randall, Group Executive Chairman said: "Succession planning has been high on the Board's agenda and, with the continued development of R&Q's business, it's time to add further strength to our senior leadership team and for me to step back from day-to-day operations. Alan founded the business with me nearly 30 years ago and has played a key part in the growth of the business. He will retain oversight of the Group's financial and investment management activities. Roger has been known to the Group for many years and I am delighted to welcome him back to R&Q after an absence of more than 25 years. Subject to confirmation of necessary work and residence permits, Roger will initially be based in Bermuda, where the Group is domiciled."

Dr Sellek said: "Ken Randall persuaded me to enter the insurance industry from academia many years ago and I'm delighted to have the opportunity now to be able to work with Ken, Alan and Mark. R&Q has evolved to become a major force in its chosen sectors of the insurance industry and I am very much relishing the opportunity to contribute to its continuing growth as part of the leadership team."

Additional disclosures

In addition to the appointment to the Board, Roger Sellek, aged 62, holds or has held the following directorships in the past five years.

 
 Current directorships   Previous directorships held in 
                          the last 5 years 
 None                    A.M. Best Europe - Rating Services 
                          Ltd 
                        =================================== 
                         A.M. Best Asia Pacific Ltd 
                        =================================== 
                         A.M. Best Asia-Pacific (Singapore) 
                          Pte Ltd 
                        =================================== 
                         A.M. Best (EU) Rating Services 
                          B.V. 
                        =================================== 
                         A.M. Best Europe - Information 
                          Services Ltd. 
                        =================================== 
 

There is no further information that is required to be disclosed with regards to the appointment of Roger Sellek pursuant to Schedule 2 paragraph (g) of the AIM Rules.

Ends.

This announcement contains inside information.

Enquiries to:

 
 Randall & Quilter Investment Holdings 
   Ltd. 
  Ken Randall                             Tel: 0207 780 5945 
 
   Numis Securities Limited (Nominated Adviser) 
  Stuart Skinner                          Tel: 020 7260 1000 
  Charles Farquhar                        Tel: 020 7260 1000 
 
   Shore Capital Stockbrokers Limited 
  Stephane Auton/James Thomas             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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June 19, 2019 02:00 ET (06:00 GMT)

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