R&Q acquires Constantia Insurance Company for £1.5mn

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Randall & Quilter Investment Holdings Ltd. (R&Q) has announced the acquisition of Constantia Insurance Company (Guernsey) Limited, from Old Mutual plc for £1.5 million (US$2mn).

R&Q has received regulatory approval to acquire the company, which is now in run-off, and Constantia will be amalgamated into Capstan Insurance Company Limited, R&Q’s consolidation vehicle domiciled in Guernsey.

R&Q partners with AXA for Hamilton RITC

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Bermudian-domiciled Hamilton Insurance Group has appointed legacy specialists Randall & Quilter (R&Q) to reinsure its Lloyd’s run-off book that it inherited when it acquired Sportscover managing agency in 2015.

R&Q has reached an agreement with Hamilton Underwriting Limited to provide capital, in conjunction with AXA DBIO (Discontinued Business Investment Opportunities), to support the Reinsurance to Close (RITC) of Syndicate 3334’s 2014 and prior years of account.

R&Q in bold £50mn capital raise

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London-listed R&Q has unveiled a restructuring of its management team and raised £49.3mn this morning in a significant equity placing that will support its new focus on providing fronting services as well as its traditional legacy acquisitions.

R&Q – whose market capitalisation was circa £130mn before the announcement – will have around £47mn after fees to inject into two of its main operating subsidiaries: it’s US nationwide licenced insurer Accredited Surety & Casualty and its Malta-domiciled carrier, R&Q Insurance Malta.

Our congratulations to R&Q and Bermuda for winning 2017 US Captive Review Awards!

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Category: Non-US Captive Domicile

Winner: Bermuda

Judges comments: Bermuda continues to evidence its heavyweight position in the captive industry and has the technical insurance infrastructure rarely rivalled anywhere in the world. The judges commented that while strong growth continues to come from the insurance-linked securities and (re)insurance sectors, the domicile remains committed to its impressive base of almost 800 captives.

Category: Run-off Specialist

Winner: R&Q

Judges comments: The judges were impressed by R&Q’s track record and consistent deal flow. The firm has a strong knowledge base and experience of the various run-off transactional options open to clients – from full acquisition and novations to loss portfolio transfers and commutations. R&Q continues to lead the charge in run-off solutions in an increasingly crowded market.

R&Q continues acquisition push with ICDC purchase

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Randall & Quilter Investment Holdings has acquired ICDC, a captive insurer of an American Fortune 500 company.

The acquisition is the second such deal in as many days for R&Q, which recently acquired Linco, a Bermuda-based captive subsidiary of Ameripride Services and Alsco.

ICDC, which is in run-off, had a total net asset value of $7.95 million as at 31 December 2016 with reserves estimated at circa $2.76 million.

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Bermuda captive in run off acquired by R&Q

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Randall & Quilter Investment Holdings, a UK based investor in non-life legacy business, has acquired a Bermuda captive in run-off. The captive previously reinsured a number of well-known players including Arch Insurance.

Agency Program Insurance Company (APIC), a Bermuda-based Class 3 insurer in run off, has been bought for $1.4 million from a diverse base of predominately individual shareholders.

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R&Q launches delegated authority platform

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R&Q Commercial Risk Services has launched a delegated authority platform specifically aimed at independent brokers.

The platform, mi-binder, allows brokers to create own branded and bespoke products for their clients with autonomy over pricing.

Initial products provided on the platform will be commercial and residential property, per capita liability and motor trade liability. R&Q intends to expand the range of products offered in due course.

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Nick Frost appointed President of R&Q Captive Management Division

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Randall & Quilter (“R&Q” or “the Company”) is pleased to announce that Nick Frost, currently President of R&Q Quest Management Services Bermuda, has been appointed President of R&Q Captive Management Division. Nick will be responsible for the overall strategy and development of the division.

Nick currently heads the Account Executive Team and acts as a Board Member on over 40 client companies.  He will continue to hold his position as President of R&Q’s Captive Management operations in Bermuda alongside his new role.

Randall & Quilter still working on exit solutions for ILS investors

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Specialist non-life insurance investor, service provider and underwriting manager, Randall & Quilter Investment Holdings continues to develop solutions to provide insurance linked investors with exit strategies in the event of a claim.

Randall & Quilter first revealed the existence of this product development in its 2012 results, when it said that it was exploring an opportunity to enter the insurance linked securities market with a product designed to provide ILS investors with a way to access liquidity for investments hit by claims.

One of the issues for investors in the ILS space is the fear of having capital locked up for long periods in the event of difficult or lengthy claims processes. It’s often been said that investors would likely take a haircut to their investment in return for gaining liquidity of their assets enabling them to be reinvested, this is perhaps the kind of product offering that Randall & Quilter has been looking into.