Randall & Quilter Inv Hldgs Ltd Completion (3934Y)
September 10 2020 - 1:00AM
UK Regulatory
TIDMRQIH
RNS Number : 3934Y
Randall & Quilter Inv Hldgs Ltd
10 September 2020
Randall & Quilter Investment Holdings Ltd.
R&Q completes merger of Sandell Re Ltd into Tradesman
Program Managers, LLC.
10 September 2020
Further to the announcement on August 10, 2020, Randall &
Quilter Investment Holdings Ltd. ("R&Q" or the "Group") is
pleased to announce the completion of the combination of its wholly
owned subsidiary, Sandell Re Ltd. ("Sandell"), with Tradesman
Program Managers, LLC. ("Tradesman"), following receipt of
regulatory approval and satisfaction of closing conditions.
Tradesman is a New York based Managing General Agent which
underwrites liability insurance known as the ARTISAN Constructors'
General Liability insurance program ("ARTISAN program") through
insurance policies which are issued by Accredited Surety &
Casualty Company Inc. ("Accredited US"), R&Q's A- 9 rated
subsidiary. Sandell is one of the main reinsurers of the ARTISAN
program.
Commenting on the transaction, Ken Randall, Executive Chairman
of R&Q said: "Through our minority interest in the combined
business we have a unique opportunity to drive fee-based revenues
in the agency and program management businesses, whilst generating
strong underwriting results in the risk carrier. We're delighted to
have completed this transaction and look forward to working with
Dan Hickey and his team."
-Ends-
Enquiries to:
Randall & Quilter Investment Holdings www.rqih.com
Ltd.
Ken Randall Tel: +44 (0) 20 7780
5945 or
+44 (0) 7831 145440
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
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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