Randall & Quilter Inv Hldgs Ltd Issue of Subordinated Notes (6698U)
January 20 2017 - 1:00AM
UK Regulatory
TIDMRQIH
RNS Number : 6698U
Randall & Quilter Inv Hldgs Ltd
20 January 2017
Randall & Quilter Investment Holdings Ltd.
Issue of Subordinated Notes
20 January 2017
The Board is pleased to announce the issue of $20 million of
floating rate Subordinated Notes due December 2023 from R&Q Re
(Bermuda) Ltd., the Group's Class 3A Insurer. These Subordinated
Notes are Tier 2 eligible capital and will increase R&Q Re
Bermuda's Statutory Capital and Surplus to help support the growth
of this core Group insurance platform. As well as the continued
support of the Group's Lloyd's syndicate participations, R&Q Re
Bermuda is the key risk taking entity for the Group's US legacy
transactions, writing adverse development covers for the loss
portfolio transfers and any other retrospective policies written by
Accredited, the Group's A- rated US admitted carrier.
R&Q Re Bermuda will also support a number of the legacy
portfolios assumed through the acquisition and novation of captive
programs in Bermuda, the US and elsewhere. Twelve Capital Group*,
an investment manager specializing in insurance investments
including private debt, acted as sole investor in the issue. The
transaction marks Twelve Capital Group's first transaction
supporting a Bermudian insurance company issuing Tier 2 eligible
capital. The broker was the Bermuda office of the Beach Group.
Ken Randall, Chairman and CEO of the Group, commented: 'We are
really pleased to have completed this issue of Tier 2 eligible
capital out of R&Q Re (Bermuda) to help fund our fast growing
legacy activity in the US and offshore US markets and to strengthen
the balance sheet of this key Group insurance carrier'.
*Twelve Capital Group invested on behalf of its investors
Ends
Enquiries to:
Randall & Quilter Investment www.rqih.com
Holdings Ltd.
Tom Booth Tel: +1 441 247
8330
Numis Securities Limited
Stuart Skinner (Nominated Tel: 020 7260
Adviser) 1000
Charles Farquhar (Broker) Tel: 020 7260
1000
Shore Capital Stockbrokers Limited
Dru Danford / Stephane Auton Tel: 020 7408
4090
FTI Consulting
Edward Berry/Tom Blackwell Tel: 020 3727
1046
Notes to Editors:
About R&Q
Randall & Quilter pursues a buy and build strategy and has
created a comprehensive range of investment activities and services
in the global non-life insurance market.
R&Q is focused on the following three core areas:
-- Insurance Investments
-- Insurance Services
-- Underwriting Management
The Group:
-- provides a range of services to both the live and legacy
(re)insurance markets to support growing businesses and address
complex and challenging run-off issues;
-- employs close to 400 insurance professionals based in the UK,
US, Bermuda, and Europe with wide service capability in both the
'live' and 'run-off' markets;
-- owns and manages a portfolio of insurance companies, both
active and in run-off, in the UK, US and Europe with net assets of
GBP123.7m as at 31 December 2015;
-- owns an admitted P&C Insurer, A- rated by AM Best, with
licenses throughout the US; owns a Bermuda Class 3A insurance
company which currently supports the Group's syndicate
participations;
-- launched Syndicate 1991, which commenced underwriting from
January 1, 2013 and has an agreed capacity of GBP130m for 2016,
manages one RITC ('run-off') syndicate, 3330, and owns and operates
an MGA platform;
-- acquires and manages a portfolio of insurance receivables,
with a carrying cost of GBP6.0m as at 31 December 2015, of which
R&Q holds a 50% interest
The Group was founded by Ken Randall and Alan Quilter in
1991.
Legal Entity Identifier (LEI): 2138006K1U38QCGLFC94
Website: www.rqih.com
About Twelve Capital
Twelve Capital is an independent asset manager for institutional
clients, with offices in Zurich and London and specialising
exclusively on the investment opportunities within the insurance
sector: Cat bonds and private Insurance-linked securities, plus the
listed equity, bonds and private debt issued by insurance
companies. Twelve Capital AG is a licenced to operate as an
authorised asset manager by the Swiss Financial Market Authority
(FINMA). Twelve Capital (UK) Ltd. is authorised and regulated by
the Financial Conduct Authority (FCA) as a MIFID investment firm.
The firm is also registered as an investment adviser with the U.S.
Securities and Exchange Commission (SEC) and as a commodity pool
operator (CPO) with the U.S. Commodity Futures Trading Commission
(CFTC) and is a member of the National Futures Association (NFA) in
such capacity.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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