REG - R&Q Insurance Hldgs - Response to Phoenix

R&Q Insurance HoldingsAnnouncement

30/08/2022 07:16

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RNS Number : 4674X  R&Q Insurance Holdings Ltd  30 August 2022

R&Q Insurance Holdings Ltd

 

Response to Phoenix

 

30 August 2022

 

R&Q Insurance Holdings Ltd (AIM: RQIH) ("R&Q" or "the Company"), the
leading non-life global specialty insurance company focusing on Program
Management and Legacy Insurance businesses, notes the Letter to the
Shareholders of R&Q from Phoenix Asset Management Partners Limited
("Phoenix") on 25 August 2022.

 

The Board of R&Q notes the comments, including a significant number of
factual inaccuracies and misrepresentations, made by Phoenix and highlights
the Company's announcement "Notice of special general meeting and Board
recommendation for shareholders to vote AGAINST the resolutions requisitioned
by Phoenix Asset Management Partners Limited", and accompanying Shareholder
Circular ("the Circular"), issued 24 August 2022, which directly addressed a
number of the comments made in Phoenix's announcement.

 

The Board reiterates its unanimous support for William, its respect for him,
and confidence in the strategy he and his management team are executing. The
Board also wishes to highlight the strength of public support AGAINST
Phoenix's proposals, with shareholders representing approximately 40% of
R&Q's voting rights stating their public support for William and their
intentions to vote AGAINST the resolutions proposed by Phoenix. In addition,
the Board has also received a significant amount of private support AGAINST
the Phoenix resolutions.

 

Furthermore, while the Phoenix letter is substantially directed towards
William, the Company notes that it is the whole Board, including the
Independent Directors, that has ultimate responsibility for setting the
strategy, corporate actions (including M&A, capital raising and
remuneration) and the appointment of the right management team to deliver the
strategy. The Board reiterates that it is important to enable the management
team to execute the strategy without distraction or disruption.

 

-Ends-

 

Enquiries to:

R&Q Insurance Holdings Ltd                  www.rqih.com
 William Spiegel                             Tel: 0207 780 5850

 Tom Solomon

 Fenchurch Advisory Partners LLP (Financial
 Adviser)

                     Tel: 020 7382 2222
 Kunal Gandhi

 Brendan Perkins

 Richard Locke

 Tihomir Kerkenezov

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

 Giles Rolls

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

 Anusuya Nayar Gupta

 FTI Consulting

 Tom Blackwell                               Tel: 020 3727 1051

Notes to Editors:

 

About R&Q

 

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

 

Legal Entity Identifier (LEI): 2138006K1U38QCGLFC94

 

Website: www.rqih.com (http://www.rqih.com/)

 

Fenchurch Advisory Partners LLP, which is authorised and regulated by the
Financial Conduct Authority (the "FCA") in the United Kingdom, is acting
exclusively for R&Q and for no one else in connection with the subject
matter of this announcement and will not be responsible to anyone other than
R&Q for providing the protections afforded to clients of Fenchurch
Advisory Partners LLP nor for providing advice in connection with the subject
matter of this announcement.

 

Numis Securities Limited ("Numis"), which is authorised and regulated in the
United Kingdom by the FCA, is acting exclusively for R&Q and no one else
in connection with the matters set out in this announcement and will not
regard any other person as its client in relation to the matters in this
announcement and will not be responsible to anyone other than R&Q for
providing the protections afforded to clients of Numis, nor for providing
advice in relation to any matter referred to herein.

 

Barclays Bank PLC ("Barclays") is authorised by the Prudential Regulation
Authority (the "PRA") and regulated in the United Kingdom by the PRA and the
FCA. Barclays is acting exclusively for the Company and no one else in
connection with the content of this announcement or any matters described in
this announcement. Barclays will not regard any other person as its client in
relation to the content of this announcement or any matters described in this
announcement and will not be responsible to anyone other than the Company for
providing the protections afforded to its clients or for providing advice to
any other person in relation to any matter referred to herein.

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