TIDMRQIH
RNS Number : 5159Z
Randall & Quilter Inv Hldgs Ltd
13 January 2020
13 January 2020
Randall & Quilter Investment Holdings Ltd.
("R&Q", "Group" or the "Company")
Appointment of Executive Deputy Chairman
The Board of Directors of Randall & Quilter Investment
Holdings Ltd., the non-life legacy insurance investor and capacity
provider of U.S. and European MGA program business, today announces
the appointment of William Spiegel as Executive Director and Deputy
Group Chairman, effective immediately.
William's appointment forms part of R&Q's management
succession plan and he will assume the position of Executive Group
Chairman when R&Q co-founder, Ken Randall, steps down in around
12 months, after 29 years at the helm.
William will be based in R&Q's New York office, and report
to Ken Randall. He will focus on the strategic development and
expansion of the Group as it builds on its recent outstanding
financial performance in the thriving legacy and rapidly growing
program management businesses in the U.S. and Europe. There will be
a gradual handover of Ken's current responsibilities to William
during 2020.
In consequence of William's appointment and to position the
Group to manage the expected expansion of the Group's business in
the U.S. and Europe, R&Q expects to make a small number of
additional appointments, including the appointment of a new Group
Chief Financial Officer. There will also be some realignment of
internal management reporting lines and responsibilities.
William is joining R&Q from the U.S. private equity firm
Pine Brook where he was managing partner and which he co-founded in
2006. William was responsible for managing Pine Brook's financial
services investing activities. He was also a member of the firm's
Investment Committee and Management Committee.
William has 30 years of private equity experience and has been a
leading financial services growth investor since 2001. A
significant part of his experience has been in building and growing
insurance companies in both the U.S. and the U.K. He has, through
his work in private equity, been a founding investor and/or board
member of many successful insurance companies including Catlin
Group, Clear Blue Insurance Group, Essent Group, Fidelis Insurance,
Global Atlantic Financial Group, Lancashire Group, Montpelier Re,
Narraganset Bay Insurance and Third Point Reinsurance.
Prior to co-founding Pine Brook, he was with The Cypress Group
from its inception in 1994 until 2006, leading its financial
services and healthcare investing activities. Prior to Cypress he
worked in the Merchant Banking Group at Lehman Brothers. He has
served on the board of directors of 20 companies, including seven
publicly traded corporations. William is currently a member of The
Polsky Council of The University of Chicago Polsky Center for
Entrepreneurship and Innovation and its Private Equity Council.
In addition to his extensive financial services experience and
recognised leadership, William holds a B.Sc. in Economics from the
London School of Economics, an M.A. in Economics from the
University of Western Ontario and an M.B.A. from the University of
Chicago Booth School of Business.
Ken Randall, Group Executive Chairman, said: "I am delighted to
welcome an industry professional of William's calibre to the senior
leadership team at R&Q. I have known William and followed his
career for many years and I know R&Q will hugely benefit from
his expertise in managing and growing leading insurance
businesses.
"As our program management business becomes ever more
strategically important, with an expected $1billion per annum of
future contracted business during 2020, I am particularly excited
by William's expertise in this area and his ability to further
build on the division's significant growth potential.
"As well as his unique sector credentials, William crucially
shares the same vision and values for R&Q and this, combined
with his energetic approach, means he is ideally suited to take the
business forward on the next stage of its ambitious growth
strategy.
"I am extremely proud of what R&Q has achieved since Alan
and I founded the business 29 years ago and attracting William to
R&Q is testament to how far the business has come during that
time and the unique talent that we have across the firm.
"The business is in good shape, delivering record profitable
growth and progressing with our objective of becoming the leading
provider of legacy and program management solutions. But there is
so much more to be achieved and now is the right time for me to
start handing over the reins to R&Q's future leadership. I look
forward to working with William and the team over the course of
2020 as the transition takes place."
William Spiegel, Executive Director and Deputy Group Chairman,
said: "It is a huge honour to be given this opportunity and I am
looking forward to applying my 30 years of experience to R&Q. I
have built my career on growing financial services companies in the
U.S. and the U.K. with a particular emphasis on insurance and
insurance services. Under Ken and Alan's leadership R&Q has
undergone a significant transformation in the last few years and it
has focussed on two of the fastest growing and most interesting
areas of insurance. It will be my priority to continue to deliver
profitable growth and build on R&Q's tremendous success."
Additional disclosures
As part of his remuneration package, William Spiegel has been
awarded 5,178,524 restricted ordinary shares at a price of 2p per
share. The award represents 2.64% of the shares in issue. The
shares will not vest until 10 January 2023, being the third
anniversary of the date of hire subject to William's continued
employment with the Company. Vesting of the award will be
accelerated if William's employment is terminated prior to the
third anniversary by the Company without cause or by William for
good reason or if a change in control of the Company occurs.
William will forfeit the shares if the Company terminates his
employment for cause prior to vesting or if he terminates without
good reason.
In addition to the appointment to the Board, William Spiegel,
aged 57, holds or has held the following directorships and
partnerships in the past five years.
Current directorships/partnerships Previous directorships/partnerships
held in the last 5 years
Better Holdco Inc (USA) Ariel Holdings Limited (Bermuda)
====================================
Dorado/PB-4, Inc. (Cayman) Aurigan Capital Limited (Bermuda)
====================================
Essent Group Ltd (Bermuda) Green Bancorp Inc (USA)
====================================
Fair Square Financial Holdings Lancashire Holdings Ltd (Bermuda)
LLC (USA)
====================================
Fidelis Insurance Holdings Ltd Syndicate Holding Corp (Puerto
(Bermuda) Rico)
====================================
Global Atlantic Financial Group Third Point Reinsurance Ltd
Ltd (Bermuda) (Bermuda)
====================================
PBRA (Cayman) Company (Cayman) Tunbridge Partners LLC (USA)
====================================
PBRA (Cayman) II Company (Cayman)
====================================
PBRA (Cayman) III Company (Cayman)
====================================
PBRA FS, LLC (USA)
====================================
PBRA-A (Cayman) Company (Cayman)
====================================
PBRA-A (Cayman) II Company (Cayman)
====================================
Pine Brook Road Advisors, L.P.
(USA)
====================================
Pine Brook Road Associates II,
L.P. (USA)
====================================
Pine Brook Road Associates, L.P.
(USA)
====================================
Pine Brook Road Employee Feeder
II, L.P. (USA)
====================================
Pine Brook Road Employee Feeder,
L.P. (USA)
====================================
SFP PB-3 Inc. (Cayman)
====================================
SFP PB-4 Inc. (Cayman)
====================================
Stonegate/PB-4, Inc. (Cayman)
====================================
TCFC Holdings Ltd. (Cayman)
====================================
Comet/PB-3, Inc. (Cayman)
====================================
Comet/PB-4, Inc (Cayman)
====================================
Dorado/PB-3, Inc (Cayman)
====================================
Source/PB-3, Inc (Cayman)
====================================
Source/PB-4, Inc (Cayman)
====================================
Stonegate II PB-3, Inc (Cayman)
====================================
Stonegate II PB-4, Inc (Cayman)
====================================
PB II-U, Inc (Cayman)
====================================
PBRA Holding Corp (Puerto Rico)
====================================
There is no further information that is required to be disclosed
with regards to the appointment of William Spiegel pursuant to
Schedule 2 paragraph (g) of the AIM Rules.
Ends.
This announcement contains inside information.
Enquiries to:
Randall & Quilter Investment Holdings
Ltd.
Ken Randall Tel: + 44 (0) 207
780 5945
Numis Securities Limited (Nominated Adviser)
Stuart Skinner Tel: +44 (0) 207 260
1000
Charles Farquhar Tel: +44 (0) 207 260
1000
Shore Capital Stockbrokers Limited
Stephane Auton/James Thomas Tel: +44 (0) 207 408
4090
FTI Consulting
Edward Berry/Tom Blackwell Tel: +44 (0) 203 727
1046
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
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END
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