• Strategy
  • Innovation
  • Expertise

Issuance of Subordinated Notes

4 December, 2020

Randall & Quilter Investment Holdings Ltd. (AIM-RQIH) (“R&Q”), the non-life global specialty insurance company focusing on Program Management and Legacy Insurance, is pleased to announce that it has signed an agreement to issue 13-year unsecured subordinated Tier 2 notes (the “Notes”) in an amount of $107.75 million.  The Notes have received approval by the Bermuda Monetary Authority for inclusion in Tier 2 Ancillary Capital.

R&Q intends to use the proceeds of the issuance to support the ongoing growth in its Program Management and Legacy Insurance businesses as it continues to capitalise on the increasing opportunities that are arising across the markets in which it operates.

The Notes will be due in December 2033 and can be called after 5 years at par. The coupon has been set at a rate of 3-month US dollar LIBOR, subject to a 0.5% floor and 2% cap, plus a margin of 6.75% for the first ten years and 8.25% thereafter. The Notes will be issued in a private placement.

Commenting on the issuance, William Spiegel, Deputy Executive Chairman, said:

“We are delighted to announce this successful transaction, which will further support our ability to drive growth across our two businesses. The Notes represent an advantageous source of capital given the favourable treatment they receive within our regulatory solvency and adjusted financial leverage positions.  This placement, as well as our $100 million equity raise in May, means we will have accessed over $200 million of capital across diversified sources of funding during the course of this year. Our balance sheet strength positions us to continue to take advantage of the “hardening” insurance environment and increasing demand we are experiencing for our Legacy Insurance and Program Management solutions.”

Click here for the full press release.

Issuance of Subordinated Notes

Latest News

Allotment of Shares
Allotment of Shares

The Company has issued and allotted a total of 735,895 new ordinary shares of 2p each (“Ordinary Shares”) to an employee as part of their remuneration package. Application has been made to the London Stock Exchange for the admission of …

Notification pursuant to AIM Rule 17
Notification pursuant to AIM Rule 17

Notification pursuant to AIM Rule 17 comprising a notification relating to a relevant change by a significant shareholder in the Company The Company was notified on 4 October that Slater now holds an aggregate of 21,649,842 ordinary shares in the …

R&Q appoints CEO for Legacy Insurance
R&Q appoints CEO for Legacy Insurance

Randall & Quilter Investment Holdings Ltd, (AIM-RQIH) (“R&Q”), the leading non-life global specialty insurance company focusing on Program Management and Legacy Insurance businesses, is pleased to announce the appointment of Andrew (Andy) Pinkes as Global CEO of R&Q’s Legacy Insurance …