RCS - Randall & Quilter Ld - Loss Portfolio Transfer

R&Q Insurance HoldingsAnnouncement

24/09/2020 07:00

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RNS Number : 9078Z  Randall & Quilter Inv Hldgs Ltd  24 September 2020

 

 

Randall & Quilter Investment Holdings Ltd.

 

Loss Portfolio Transfer and Insurance Business Transfer with Allianz SE

 

24 September 2020

 

Randall & Quilter Investment Holdings Ltd. ("R&Q") is pleased to
announce that, with the close assistance of Black Forest Reinsurance
Consulting ("BFRC"), it has transacted a Loss Portfolio Transfer with Allianz
SE, Germany ("Allianz"). The reinsurance is being provided by R&Q's A.M.
Best A- (Excellent) rated carrier in Malta, Accredited Insurance (Europe)
Limited ("Accredited").

 

With this transaction Allianz reaches economic finality of a third-party
reinsurance portfolio that has no active client relationships and that was
underwritten from 1976 onwards. Further, this transaction also encompasses the
mutual interest to undertake an Insurance Business Transfer of the portfolio
to Accredited, subject to regulatory approvals.

Paul Corver, Group Head of M&A at R&Q, explained: "We are delighted to
have completed this Loss Portfolio Transfer with the mutual intention to
follow on with an Insurance Business Transfer from Germany to Malta. We have
assumed numerous portfolios of business from across Europe into our rated
Maltese platform which provides complete finality to the cedant and the
accompanying capital relief. We are very pleased to have executed this
transaction with Allianz and once again it proves our capabilities to utilize
our international team to provide full finality legacy solutions across the US
and Europe.

 

Our legacy pipeline across the Group remains strong and we look forward to
working closely with BFRC to conclude further Continental European legacy
opportunities in the near future."

 

Ends

 

Enquiries to:

Randall & Quilter Investment Holdings Ltd.      www.rqih.com
 Paul Corver                                     Tel: 020 7780 5944

 Numis Securities Limited
 Stuart Skinner (Nominated Adviser)              Tel: 020 7260 1000
 Charles Farquhar (Broker)                       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

 

R&Q is a non-life global specialty insurance company operating two core,
highly complementary, businesses: Program Management and Legacy Insurance.
Both these businesses are leaders in markets with high barriers to entry and
significant secular growth opportunities.

 

Legacy Insurance generates profits and capital extractions from expert
management of legacy non-life insurance portfolios. Program Management
generates commission income from its licensed (and rated) carriers in the US,
EU and the UK, writing niche and profitable program business, largely on
behalf of highly rated reinsurers.

 

For the financial year ended 31 December 2019 R&Q reported pre-tax profits
of over £40 million.

 

 

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