Non-life legacy and run-off acquisition and management, programme services and investments specialist Randall & Quilter Investment Holdings Ltd. has announced that its CEO in-waiting Tom Booth is departing the company.
Randall & Quilter had announced back in October that Booth, the current Chief Financial Officer of the firm, was expected to become Group CEO in a raft of executive changes in the summer of 2018, when current CEO Ken Randall is expected to step down and become Executive Chairman.
But that will not come to pass now, as R&Q said this morning that Tom Booth, Group Chief Financial Officer, has resigned his position as a Director of the firm with immediate effect and will depart the firm as of 30th June 2018 to pursue alternative opportunities.
Ken Randall, Group Chairman, commented, “Tom joined the Group almost ten years ago, shortly after R&Q listed on the AIM market of the London Stock Exchange. He has made a significant contribution to the development of R&Q’s business and we shall miss his intelligence and energy. I wish him every success in his future career.”
Randall said that Alan Quilter, Group Deputy Chairman of the Group, will take back the role of Group Chief Financial Officer, a position which he has held previously, with immediate effect.
“Alan will additionally take the lead as regards Group-wide development of programme business,” Randall said, adding “I will continue as Group Chairman and Chief Executive Officer.”
Mark Langridge, CEO of Insurance Investments at the firm and who has worked at R&Q since 2008, will be joining the Group Board and will continue in his role overseeing Group-wide legacy acquisitions and management, Randall explained.
Randall further said, “R&Q continues to make excellent progress. The simplification of the Group is proceeding well, most recently with the completion of the disposal of our Lloyd’s Managing Agency to Coverys. Further disposals are expected to be agreed and announced shortly.
“The pipeline of new business opportunities remains strong, particularly in the high growth areas of insurance legacy and programme business, which is mostly reinsured to high quality insurance carriers.
“The Group has also made good progress with deployment of the cash raised in the recent funding round.
“We are today announcing a number of internal promotions across the Group and there is to be some re-alignment of senior management responsibilities. We have a highly focused, talented and experienced management team and we are all excited about the prospects for growth. The business is performing well and we have an excellent and growing pipeline of new business opportunities both in legacy and insurance programme business.
“The management changes being announced today are designed to enhance business development, capital management and operational efficiency. The simplification of our business following recent and planned disposals, will enable Alan Quilter and I to devote more time to ‘hands on’ business development. The reaction from the (re)insurance market to our business initiatives has been extremely positive and momentum has increased as a result of uncertainties around Brexit and wider insurance industry developments.”