RCS - R&Q Insurance Hldgs - Loss Portfolio Transfer

R&Q Insurance HoldingsAnnouncement

26/10/2023 07:00

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RNS Number : 3200R  R&Q Insurance Holdings Ltd  26 October 2023

 

 

 

R&Q Insurance Holdings Limited

 

Loss Portfolio Transfer

 

26 October 2023

 

R&Q Insurance Holdings Ltd (AIM-RQIH) ("R&Q"), the leading non-life
global specialty insurance company focusing on Program Management and Legacy
Insurance businesses, is pleased to announce that it has signed a Loss
Portfolio Transfer (LPT) Reinsurance agreement with a UK motor insurer
covering net reserve of c.US$80m.

 

The transaction is subject to regulatory approvals and other conditions of
closing.

Huw Battrick, Co-Head of Legacy M&A at R&Q, commented: "We are pleased
to announce this transaction for R&Q Legacy and work to put in place a
reinsurance solution that supports our client with its ongoing business
objectives".

 

Parri Spector, Co-Head of Legacy M&A at R&Q, added: "We are seeing
increased interest in legacy insurance solutions for UK motor as incumbents
look to manage the current inflationary claims environment in a highly
competitive marketplace and, given R&Q's strong in-house expertise, see
this as an area of opportunity. This transaction increases our reserves under
management, and we continue to have a strong pipeline for R&Q Legacy with
c. $900m of identified reserves across Europe, North America and Bermuda
consisting of both direct and brokered transactions."

 

 

Ends

 

Enquiries to:

 

R&Q Insurance Holdings Ltd.           Tel: 020 7780 5850
 William Spiegel
 Tom Solomon

 Numis Securities Limited (Nominated Advisor & Joint Broker)  Tel: 020
 7260 1000
 Giles Rolls
 Charles Farquhar

 Barclays Bank PLC (Joint Broker)      Tel: 020 7632 2322

 Andrew Tusa

 Anusuya Nayar Gupta

 FTI Consulting                        Tel: 020 3727 1051

 Tom Blackwell

 

Notes to Editors:

 

About R&Q

 

R&Q is a global non-life specialty insurance company. We operate two core
businesses: Program Management and Legacy Insurance. Both these businesses are
leaders in their respective markets.

 

Our approach is to deploy our origination and underwriting capabilities,
alongside our licensed and rated carriers in the US, EU, and the UK, to
generate attractive fee returns in Program Management and Legacy Insurance.

 

Legal Entity Identifier (LEI): 2138006K1U38QCGLFC94

 

Website: www.rqih.com

 

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