R&Q Investment Holdings’ (R&Q) European subsidiary R&Q Insurance Malta has received an A- (excellent) credit and financial strength rating from A.M. Best, which the CEO called “an important step” in the firms development.
In addition, A.M. Best gave the R&Q Group a bbb- rating with a stable outlook for R&Q.
R&Q called the rating an “important milestone” in the execution of its new strategy of focusing on its long-standing business of acquiring & managing run-off portfolios, together with providing programme management capacity on behalf of MGAs and their reinsurers.
Ken Randall, chairman and Chief Executive Officer (CEO) of R&Q, said; “we are delighted that A.M. Best has recognised the quality of R&Q’s balance sheet, our group risk and operational management and our new, strategy focused 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 focused R&Q looks forward to 2018 with confidence.”
Last year R&Q unveiled a strategy in which the firm made a number of divestments of its non-core businesses and also raised £65 million net funds through two separate equity placings in 2017, while placing a renewed commitment on its core offerings of legacy acquisitions and programme management.
