Reinsurance News

R&Q looks to fund growth with £107m capital raise

7th February 2019 - Author: Charlie Wood

Randall & Quilter Investment Holdings Ltd. (R&Q), a Bermuda-based specialist non-life insurance and reinsurance investor, has raised approximately £100 million in an effort to support growth and assist in maintaining the AM Best credit and financial strength ratings of the Accredited companies.

Randall & QuilterThe capital raise features the placement of over 65 million new ordinary shares with institutional shareholders and Directors, with R&Q aiming to raise a further £7 million through an open offer of new ordinary shares to Qualifying Shareholders.

“We are very pleased to have raised these additional funds and are encouraged by the support received from new investors and existing shareholders,” commented Ken Randall, Group Chairman and Chief Executive Officer.

“The proceeds from this Placing and also the Open Offer will be used to support the development of our program management business and assist in maintaining the AM Best credit and financial strength ratings of the Accredited companies.”

Randall added that the proceeds will also replenish liquidity used or allocated to previously announced legacy acquisitions and will help to re-balance the company’s equity/debt funding mix.

“R&Q is reaping the benefits of our transformation last year into a more focused business operating in two fast growing markets: program underwriting and legacy M&A,” Randall explained.

“This transformation continues as are expanding our resources, hiring talent and restructuring to ensure we are best placed to serve our customers. With the support of shareholders and our recent debt issuance we will have greater capital firepower to support our strategy.”

Print Friendly, PDF & Email

Recent Reinsurance News

Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.

  • Only email is mandatory, but the more you tell us about yourself the better we can serve you in future!
  • This field is for validation purposes and should be left unchanged.

By submitting the form you are giving your consent to be emailed by us.

Read previous post:
Beazley profits fall by 55% as cat losses & investment yields bite

Specialist re/insurer Beazley saw its profits fall by 55% in 2018 following a second consecutive year of heavy catastrophe losses...