Randall & Quilter Investment Holdings Ltd. (R&Q) has announced that William Spiegel will assume the position of Executive Group Chairman when the firm’s co-founder, Ken Randall, steps down in roughly 12 months.
Effective immediately, Spiegel has been appointed as Executive Director and Deputy Group Chairman, which forms part of R&Q’s management succession plan.
He will be based in the company’s New York office and will report to Randall, who is set to leave the firm in around a year after serving at the helm for 29 years. As Executive Director and Deputy Group Chairman, Spiegel will focus on the strategic development and expansion of the Group. Throughout 2020, there will be a gradual handover of Randall’s responsibilities to Spiegel.
R&Q adds that in light of Spiegel’s appointment and also the fact that it expects further expansion across the U.S. and Europe, the non-life legacy insurance investor and capacity provider plans to make further appointments, including the addition of a new Group Chief Financial Officer (CFO). Furthermore, R&Q is also set to realign some internal management reporting lines and responsibilities.
Spiegel joins R&Q from U.S. private equity firm Pine Brook, where he served as Managing Partner and which he co-founded in 2006. He brings three decades of private equity experience to the firm and has significant experience in building and growing insurance companies in both the U.S. and the UK. Throughout his career, he has been a founding investor and/or board member of many insurers, including Catlin Group, Clear Blue Insurance Group, Essent Group, Fidelis Insurance, Lancashire Group, Montpelier Re, Narraganset Bay Insurance, Global Atlantic Financial, and Third Point Reinsurance.
Commenting on the appointment, Randall said: “I am delighted to welcome an industry professional of William’s calibre to the senior leadership team at R&Q. I have known William and followed his career for many years and I know R&Q will hugely benefit from his expertise in managing and growing leading insurance businesses.
“As our program management business becomes ever more strategically important, with an expected $1billion per annum of future contracted business during 2020, I am particularly excited by William’s expertise in this area and his ability to further build on the division’s significant growth potential.
“As well as his unique sector credentials, William crucially shares the same vision and values for R&Q and this, combined with his energetic approach, means he is ideally suited to take the business forward on the next stage of its ambitious growth strategy.
“I am extremely proud of what R&Q has achieved since Alan and I founded the business 29 years ago and attracting William to R&Q is testament to how far the business has come during that time and the unique talent that we have across the firm.
“The business is in good shape, delivering record profitable growth and progressing with our objective of becoming the leading provider of legacy and program management solutions. But there is so much more to be achieved and now is the right time for me to start handing over the reins to R&Q’s future leadership. I look forward to working with William and the team over the course of 2020 as the transition takes place.”
Spiegel added: “It is a huge honour to be given this opportunity and I am looking forward to applying my 30 years of experience to R&Q. I have built my career on growing financial services companies in the U.S. and the U.K. with a particular emphasis on insurance and insurance services.
“Under Ken and Alan’s leadership R&Q has undergone a significant transformation in the last few years and it has focussed on two of the fastest growing and most interesting areas of insurance. It will be my priority to continue to deliver profitable growth and build on R&Q’s tremendous success.”