• 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

Appointment of Broker
Appointment of Broker

Randall & Quilter Investment Holdings Ltd. (“Randall & Quilter”) today announces the appointment of Barclays Bank PLC (“Barclays”) as its joint corporate broker with immediate effect. Barclays will work alongside Randall & Quilter’s existing corporate broker and nominated adviser, Numis …

Director/PDMR Shareholding
Director/PDMR Shareholding

The Company has been notified that on 6 January 2021 Alan Quilter, the Chief Executive Officer of the Company, sold his interest in 400,000 ordinary shares in the Company. Mr Quilter continues to hold 2,078,091 ordinary shares which represents 0.93% …

Regulatory Approval of UK Legacy Acquisitions
Regulatory Approval of UK Legacy Acquisitions

Further to its announcements on 19 August 2020 and 21 August 2020, Randall & Quilter Investment Holdings Ltd. (“R&Q”), is pleased to announce that its wholly owned UK subsidiary, Randall & Quilter II Holdings Limited, has received regulatory approval and …