Reinsurance News
R&Q
R&Q reports over 80% increase in Program Management business GWP
31st October 2022
R&Q Insurance Holdings Ltd. (R&Q), a non-life global specialty insurer, reported gross written premium (GWP) for its Program Management business has grown 83% for the nine months ending 30 September 2022. The legacy specialist has provided a performance update for its program management business for this year’s third quarter. Within the update, ... Read the full article
70% vote against removal of William Spiegel at R&Q special meeting
13th September 2022
The results of R&Q Insurance Holdings Ltd.'s Special General Meeting have been announced by the firm, with approximately 70% of total votes cast being against the removal of William Spiegel as a Director of the non-life specialty insurer. R&Q revealed plans to hold a special meeting on August 24th, calling ... Read the full article
R&Q falls to $137m loss for H1
5th September 2022
Bermuda based insurer R&Q Insurance Holdings Ltd has reported an overall loss of $136.7 million from operations before income taxes across its business segments during the first six months of 2022, following large investment losses caused by volatile market conditions. The negative performance follows on from a loss of $45.4 million ... Read the full article
R&Q names Hillary Jarvis as new chief claims officer for North America
1st September 2022
R&Q has named Hillary Jarvis as its new chief claims officer for North America. The firm said that Jarvis will report to Andrew Pinkes, global chief executive officer for legacy insurance. Her last position before joining R&Q was at Markel, where she was managing director for claims – compliance and strategy. Prior ... Read the full article
R&Q hits back at Phoenix in open letter over William Spiegel
30th August 2022
R&Q has hit back at the open letter published by Phoenix last week. The firm said the letter, which was published on 25 August, contained ‘a significant number of factual inaccuracies and misrepresentations’. The statement from R&Q states that the general meeting it announced last week was for shareholders ... Read the full article
Co-founder of Phoenix Asset Management deals more body blows to R&Q’s William Spiegel
26th August 2022
Another investor in R&Q has come out swinging at embattled executive chair and director William Spiegel. An open letter published on Phoenix Asset Management’s website by Gary Channon, cofounder and CIO at the firm, has dealt further blows to Spiegel’s tenure, which is due to be voted upon in a special ... Read the full article
R&Q calls special general meeting on Spiegel’s future
24th August 2022
R&Q is to hold a special general meeting for its Board to vote on the proposals by Phoenix to have William Spiegel removed as executive chair and director of the company. The move comes after weeks when separate camps have either affirmed Spiegel’s performance or taken against him. Phoenix has led ... Read the full article
R&Q wins support from key investor in Spiegel battle
22nd August 2022
R&Q has won the support of another key investor as it fights to prevent the removal of its Executive Chairman, William Spiegel, following its failed acquisition by Brickell PC Insurance Holdings and a perceived downturn in fortunes since then. Slater Investments, which holds 11.73% of the outstanding ordinary shares in R&Q, ... Read the full article
R&Q appoints Robert Legget as Senior Independent Director
22nd August 2022
R&Q Insurance Holdings Ltd has appointed Robert Legget as Senior Independent Director. He will join the Board as of 26 August, 2022. Alastair Campbell, current Senior Independent Director, will remain an Independent Director. He will retire as previously planned on 31 January, 2023, after serving nine years on the Board. Moreover, Legget ‘s appointment forms ... Read the full article
Vida Capital says ‘dramatic change’ to R&Q leadership and strategy would be ‘counterproductive’
17th August 2022
Investment firm Vida Capital, Inc. has today expressed its support of both the current leadership and strategy of R&Q Insurance Holdings Ltd. Vida Capital Management currently manages funds owning some 9.07% of the outstanding shares of R&Q. In a statement, the company, which is a vertically integrated, uncorrelated investment firm specialising in ... Read the full article
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
R&Q reports 82% increase in gross written premiums
8th August 2022
R&Q is reporting an 82% increase in gross written premiums for the first six months of this year. The firm said in a statement that these had increased from $445m in H1 2021 to $807m in H1 2022. Program Fee Income in this period rose by 105%, said the firm, from ... 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
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