Randall and Quilter to sell Lloyd's managing agency
Randall and Quilter Investment Holdings has this morning released news that it has reached agreement to sell its Lloyd’s managing agency business to Coverys, a medical professional liability insurer based in Boston, Massachusetts. R&Q has previously advised of an intention to focus on what it considers its core businesses of acquiring and managing run-off portfolios and providing licensed solutions for property and casualty insurers in the EU and the USA. Both these elements are currently experiencing high degrees of growth.
R&Q Managing Agency Limited is managing agent to Lloyd’s Syndicate 1991, which writes business in the UK, USA and Europe through a number of delegated authorities with a capacity in 2017 of £127m. The syndicate was formed for the 2013 year of account. Capital support for the syndicate is provided by a number of third party capital providers including clients of Argenta Private Capital. R&Q Managing Agency Limited also manages a specialist run-off and legacy syndicate 3330, and with all of the capital backing provided by RQIH.
Coverys had premium volumes of US$412m in 2016 and has total net assets of US$3.6 billion. It has featured on Ward’s 50 list of the 50 best performing property and casualty insurers each year since 2010. There are nearly 3,000 property and casualty insurers in this annual survey.
More information on the transaction can be found on R&Q’s website and on Coverys' website. The transaction remains subject to the approval of the change of control by Lloyd's and the PRA which is anticipated to be received by late 2017.