6 December, 2013
Randall & Quilter is pleased to announce that its business plan for the 2014 underwriting year of account for its first party syndicate, DTW 1991 was recently approved by Lloyd’s. This plan involves a near doubling of capacity to £150m from the £76m of capacity agreed for the 2013 underwriting year and is in line with the 3 year plan agreed with Lloyd’s at the outset. In addition, the capital to support the much expanded 2014 year of account capacity has successfully been secured.
Encouragingly there has been strong support from private capital through the members’ agents, with this source of capacity now representing some £60m of the whole. This is in accordance with our original intention of providing an attractive new underwriting opportunity for private capital at Lloyd’s.
Existing third party corporate capital providers have also taken up their full pre-emption rights and a new corporate capital provider, Q Re, has been introduced for 2014, further diversifying the syndicate’s capital base. Q-Re is a wholly-owned subsidiary of Qatar Insurance Company (QIC), is regulated by the Qatar Financial Centre Regulatory Authority and is “A” rated by S&P and AM Best.
Randall & Quilter, through its wholly owned Bermuda based reinsurer and corporate member, has increased its underwriting participation on s.1991 to £30m for 2014 and remains the lead capital provider, supporting 20% of capacity.
Ken Randall, Group Chairman and Chief Executive Officer of R&Q commenting on the outcome stated;
“We are delighted to have had the syndicate’s substantial growth plans for 2014 approved by Lloyd’s and to have had excellent support from the existing capital providers. Introducing Q Re as a new investor is further testament to the strength of the s.1991 proposition. We believe this diverse capital base is a considerable asset which will help the syndicate’s continuing development in years to come.
“As highlighted previously, whilst earned premium development on an accounting basis lags initial expectations due to the timing in signing up the underlying MGAs, expected ultimate premium income, on a Lloyd’s year of account basis, remains close to plan and hence the growth of the syndicate remains firmly on track.”
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