RANDALL & QUILTER INVESTMENT HLDG PLC Randall & Quilter Investment Holdings Ltd.
R&Q Malta receives A- rating from AM Best
R&Q Investment Holdings Ltd. (R&Q) is pleased to announce that it has received an A- (excellent) credit and financial strength rating from AM Best for its European subsidiary R&Q Insurance (Malta) Ltd (R&Q Malta).
It is the first time R&Q Malta has received a published AM Best rating and it is an important milestone in the execution of R&Q's new strategy of focusing on its long-standing business of acquiring & managing run-off portfolios, together with providing much in-demand programme management capacity on behalf of MGAs and their reinsurers.
In 2017, R&Q unveiled a new, focussed strategy based on these two core propositions which are delivered through its Bermuda, US, European (Malta) and Lloyd's platforms. As part of this strategy, R&Q has made a number of divestments of its non-core businesses and also raised £65m net funds through two separate equity placings in 2017.
In addition to the A- (excellent) rating with a stable outlook for R&Q Malta, AM Best's analysis of the R&Q Group has resulted in bbb- rating with a stable outlook for Randall & Quilter Investment Holdings Ltd.
The rating development also follows an affirmation last year by AM Best of Accredited Surety & Casualty's (Accredited) A- (excellent) financial strength rating. Accredited is R&Q's Florida domiciled insurer which is licenced in all fifty states, together with the District of Columbia, to write Property & Casualty business.
Ken Randall, chairman and CEO of R&Q welcomed the development:
'We are delighted that AM Best has recognised the quality of R&Q's balance sheet, our group risk and operational management and our new, strategy focussed around two core offerings: legacy acquisitions and programme management.
The A- rating for our European insurance company, R&Q Malta, is an important step in our new strategy and gives our customers and counterparties even greater confidence in our ability to meet their needs in providing solutions to exiting run-off business and in being their programme underwriting partner of choice.
I can also confirm that the proceeds of the fundraise in October 2017 have now been fully deployed, as planned, by way of additional capital injections into Accredited and R&Q Malta.
With a strong pipeline of business and the completion of our non-core divestments, the newly focussed R&Q looks forward to 2018 with confidence'.
Ends
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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 on-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 programme 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
R&Q - Randall & Quilter Investment Holdings plc published this content on 05 February 2018 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 05 February 2018 07:14:05 UTC.
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