7th Sep 2018 11:30
LONDON (Alliance News) - Randall & Quilter Investment Holdings Ltd said on Friday it will undertake a corporate restructuring to create a new division known as Accredited, made of its US and European program management businesses.
In addition, R&Q's Malta-domiciled insurance platform, R&Q Insurance (Malta) Ltd has been remained to Accredited Insurance (Europe) Ltd.
Accredited will be one of two core businesses of R&Q, with the strategic aim being to provide fully licenced capacity for Managing General Agent and other counterparties in the US and Europe.
The new division will be run jointly by Todd Campbell, chief executive officer of the US business, and Colin Johnson, CEO of the European division, who will both report to Group Chief Financial Officer Alan Quilter.
Randall & Quilter stated that after Brexit takes place as scheduled in March 2019, Accredited Insurance (Europe) Ltd will remain fully licenced to write every property and casualty insurance class across all 27 EU member states.
"R&Q is, of course, well known for legacy acquisitions and for providing first class innovative exit solutions to owners of discontinued business. Since 2017, we have brought this same level of professional, client-focussed attention to MGAs in the US and in Europe who require a program underwriting partner who can act as the conduit between them and their reinsurers," Johnson said.
Shares in Randall & Quilter were up 0.6% at 176.00 pence on Friday.
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