Reinsurance News
Randall & Quilter
Brickell (777) has “lost confidence” in R&Q leadership
16th August 2022
777 Partners backed insurer Brickell PC Insurance Holdings has written an open letter to the shareholders of R&Q Insurance Holdings expressing concern about the “recent significant deterioration of the business.” Brickell had been set to acquire R&Q earlier this year in a deal that valued R&Q’s share capital at £482 ... Read the full article
Major R&Q shareholder attempts to oust executive chairman William Spiegel
15th August 2022
Phoenix Asset Management Partners has called for William Spiegel, executive chairman of R&Q, to be removed as a director of the company. The former, which around 12% of the firm’s share capital, said in an open letter that it wished for Spiegel to be removed with Ken Randall, the company’s founder ... Read the full article
AM Best removes R&Q companies from being under review with negative implications
21st July 2022
AM Best has removed Accredited Surety and Casualty company, Accredited Specialty Insurance Company, and Accredited insurance (Europe) from being under review with negative implications. Concurrently, the company said it had affirmed Financial Strength Ratings for the firms of A- (Excellent) and Long-Term Issuer Credit Ratings of a- (Excellent). It has also ... Read the full article
R&Q changes name, but fails on shareholder approval for capital raises
19th July 2022
At its recent annual general meeting, shareholders of R&Q approved a resolution to change its name from Randall & Quilter Investment Holdings Ltd. to a new shorter name of R&Q Insurance Holdings Ltd. The new name suggests a more focused mission and one that is really more aligned with where the ... Read the full article
Randall & Quilter predicts placing and subscriptions will raise $125m
15th June 2022
R&Q has said its non-pre-emptive placing, direct subscription, and management subscription will raise gross proceeds of $125m. Still subject to shareholder approval next month, an aggregate of 97,828,596 Placing Shares and Direct Subscription Shares have been placed with institutional investors at a price of 105 pence per Placing Share. This represents ... Read the full article
R&Q settles with Brickell while increasing fundraise to $125m
14th June 2022
R&Q has decided to upsize its Fundraise, increasing the gross proceeds of the Placing to approximately $125m. In a statement, the Board said it intended to use the additional net proceeds from the Fundraise to further de-lever the business. R&Q also said that it has decided to extend the period of the ... Read the full article
R&Q takes $21m operating loss for 2021
13th June 2022
Randall & Quilter Investment Holdings Ltd (R&Q) has reported a loss before tax of $162.0 million for 2021, including a pre-tax operating loss of $21.0 million. The non-life global specialty insurance company recorded an operating profit of $20.6 million in its program management business, but this was offset by an operating ... Read the full article
What’s going on with 777 Partners’ R&Q Holdings shares?
10th June 2022
In the wake of a failed attempt to acquire Randall & Quilter Investment Holdings Ltd (R&Q), it turns out a significant proportion of shares in R&Q owned by would-be acquirer 777 Partners were held as collateral to a loan by another party. On April 1st, perhaps a prescient date, it ... Read the full article
Randall & Quilter reports 92% increase in GWP
30th May 2022
Randall & Quilter Investment Holdings has said gross written premiums in its Program Management business in Q1 2022 reached $370m. This figure represents a 92% increase from its Q1 2021 result, when gross written premiums of $193m. William Spiegel, executive group chairman of the firm, said: “We continue to be excited by ... Read the full article
R&Q shareholders reject acquisition, capital raise to proceed
26th May 2022
Shareholders of Randall & Quilter Investment Holdings Ltd (R&Q) have again rejected an acquisition of the company by Brickell PC Insurance Holdings LLC, which is backed by 777 Partners, but have instead approved plans to focus on a $100m+ capital raise. R&Q failed to gain shareholder approval for the acquisition ... Read the full article
R&Q says 777 Partners backed Brickell pulling out of acquisition
25th May 2022
Randall & Quilter Investment Holdings Ltd (R&Q) has said this morning that Brickell PC Insurance Holdings LLC, which is backed by 777 Partners, has said it aims to terminate the acquisition agreement the pair were trying to implement. The deal, which was announced at the start of April, valued Randall ... Read the full article
R&Q’s Accredited and Policy Expert team up
24th May 2022
Accredited has signed a six-year programme management agreement with UK insurtech firm Policy Expert. According to a statement from the two firms, targeted capacity over the six-year term is expected to be £2bn in gross written premiums. Colin Johnson, CEO of Accredited, said: “Policy Expert is a perfect fit for Accredited as ... Read the full article
R&Q fails to get sufficient shareholder votes for acquisition at first attempt
20th May 2022
Shareholder voting on the proposed takeover of Randall & Quilter Investment Holdings Ltd (R&Q), the non-life global specialty insurance company focused on program management and legacy transactions, in a deal backed by investment group 777 Partners, has been adjourned as the company seeks to gain additional support for the deal. Today, ... Read the full article
R&Q ratings under review after takeover announcement
5th April 2022
AM Best has placed the ratings of R&Q and its subsidiaries under review with developing implications, following last week’s announcement that the company will be acquired by one of its major shareholders, in an deal backed by investment group 777 Partners. The developing implications reflect uncertainties surrounding R&Q’s prospective risk-adjusted ... Read the full article
R&Q to be acquired by 777 Partners backed Brickell PC Insurance
1st April 2022
Randall & Quilter Investment Holdings Ltd (R&Q), the non-life global specialty insurance company focused on program management and legacy transactions, is set to be acquired by one of its major shareholders, in an acquisition backed by investment group 777 Partners. The acquisition will value Randall & Quilter's (R&Q's) existing issued share ... Read the full article
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