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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.0025 | -0.11% | 2.1725 | 1.845 | 2.50 | 1.80 | 1.80 | 1.80 | 564,552 | 16:35:15 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Title Insurance | 82.8M | -297M | -0.7929 | -0.02 | 6.74M |
TIDMRQIH
RNS Number : 2574E
Randall & Quilter Inv Hldgs Ltd
03 July 2019
Randall & Quilter Investment Holdings Ltd.
Loss Portfolio Transfer
3 July 2019
Randall & Quilter Investment Holdings Ltd. ('R&Q' or 'the Group') is pleased to announce that its wholly owned subsidiary, Accredited Surety & Casualty Company Inc ('ASCC'), has signed a loss portfolio transfer agreement with Northern California Regional Liability Excess Fund ('NCR') and Statewide Association of Community Colleges ('SWACC') (Collectively referred to as the 'Pools'). The Pools are two of the largest Joint Powers Authorities in California providing predominantly property and general liability cover to their members. NCR members comprise of Kindergarten through 12(th) grade public educational agencies in Northern California and SWACC members comprise two-year community colleges located throughout the state of California.
The LPT agreement from R&Q's fully admitted and AM Best A- (VIII) rated carrier assumes responsibility for all liability losses occurring on certificates issued by the Pools for periods up to and including 30(th) June 2018. ASCC is providing total coverage up to $113m.
Keenan & Associates will continue to manage the claims under the Pools which provides consistency and continuity in claims handling for their members.
Commenting on today's announcement, Ken Randall, Executive Chairman of R&Q, said: "This deal is further evidence of the increasing size of transactions that the Group is undertaking. We are delighted to have worked with the Pools to reach a transaction structure to meet their individual requirements which is reflective of our approach to provide innovative solutions. Accredited's financial strength, rating and admitted status across all 50 States is increasingly attractive to self-insured vehicles looking for solutions for legacy liabilities. This is reflected in a healthy pipeline of future opportunities."
-Ends-
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 Tel: 020 3727 1046 Edward Berry/Tom Blackwell
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
PFUSSFFIEFUSESW
(END) Dow Jones Newswires
July 03, 2019 02:00 ET (06:00 GMT)
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