Launch of Syndicate

RNS Number : 9638S

Randall & Quilter Inv Hldgs PLC

07 December 2012

 



R&Q Launches New Lloyd's Syndicate

7 December 2012 

R&Q Managing Agency Limited, the Lloyd's subsidiary of Randall & Quilter Investment Holdings plc ("R&Q") has launched Syndicate 1991 to commence underwriting from January 1, 2013.   

Capacity is £77m for 2013, the Syndicate's first underwriting year and the account is to be underwritten by Daniel Wright and his deputy Steve Mitchell, both formerly of Axis Capital.

During their time at Axis, Dan and his team were responsible for its Global MGA Division and helped produce excellent underwriting results, driven by an impressively low loss ratio.

R&Q is providing approximately 20% of the Syndicate's capacity, SCOR and XL approximately 15% each, and, following our plan to offer a significant amount of capacity to private members; they are supporting the balance.

We are also pleased to advise that Eamon Brown has agreed to become the Independent Peer Reviewer of the Syndicate. Eamon was the Joint Head of the Underwriting Performance Directorate at Lloyd's from 2004-2009, and brings a wealth of experience, particularly in the area of liability underwriting. 

As part of the further strengthening of the R&Q underwriting management team, Michael Deeny, a member of the Council of Lloyd's since 2009, ALM Chairman from 1998 to 2009, and an ALM Director will be joining the group as a Non-Executive Director of Randall Quilter Underwriting Management Holdings Ltd, and will be personally participating on the Syndicate.

Line of business and geographical mix

The Syndicate's focus is on writing SME and niche personal lines property & associated liability business through a limited number of specialist Managing General Agency (MGA) appointments. The business will have a strong geographical balance between the USA, UK, Europe and ROW.  All business written will be new to the Lloyd's market.

The business will be managed through our proprietary online system which facilitates strong control and oversight of the business written, provides highly detailed monitoring and reporting, direct receipt of premiums and faster response to valid claims.

The Syndicate plan is built around a very controlled risk appetite for catastrophe exposure with the balance of CAT to Non-CAT exposed business reducing as the account develops.

Commenting on the new Syndicate launch, Ken Randall, Chairman and Chief Executive said "We are delighted to confirm the commencement of underwriting in Syndicate 1991 from January 1 with excellent support from private members and industry capital alongside R&Q itself. This is an exciting development for the Group and the establishment of an R&Q 'first party' Syndicate cements our expansion into the management of live underwriting and provides the Group with scale and depth in this area. We believe that the underwriting team is first rate and that their management information systems set a new standard for delegated authority business."  

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Enquiries to:

Randall & Quilter Investment Holdings PLC                         www.rqih.com

Tom Booth                                                                             Tel: [phone]

Numis Securities Limited

Stuart Skinner (Nominated Adviser)                                         Tel: [phone]

Charles Farquhar (Broker)                                                      Tel: [phone]

Shore Capital Stockbrokers Limited

Dru Danford/Stephane Auton                                                  Tel: [phone]

FTI Consulting

Edward Berry                                                                        Tel: [phone]

Tom Blackwell                                                                       Tel: [phone]  

Notes to Editors:

Since formation, Randall & Quilter has pursued a buy and build strategy to create a comprehensive range of investment activities and services in the global non-life insurance market and is focused on the following four core areas:

-          Insurance Investments;

-          Insurance Services;

-          Underwriting Management; and

-          Captives.

The Group currently:

-     has a team of up to 400 insurance professionals based in the UK, USA, Bermuda, and Continental Europe with wide service capability in both the 'live' and 'run-off' market;

-     has a portfolio of 10 insurance companies in run-off (from the UK, US and Continental Europe) with net assets of c.£85.9m as at 30 June 2012;

-     provides 'turnkey' management services to Lloyd's syndicate 1897, manages two RITC ('run-off') syndicates and owns and operates 4 MGAs.

-     acquires and manages a portfolio of insurance receivables, with a carrying cost of c. £8.1m as at 30 June 2012;

-     the Group was founded by Ken Randall, Executive Chairman and Chief Executive, and Alan Quilter, Chief Operating Officer, who both have extensive experience in the industry including as Head of Regulation of Lloyd's and as Head of the Market Financial Services Group respectively.

 

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