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R&Q completes Part VII Transfer of Chevanstell

13 January, 2014

Randall & Quilter Investment Holdings Ltd (“R&Q”) is pleased to announce that the UK Court recently sanctioned the Part VII Transfer of the entire business of Chevanstell Limited to R&Q Insurance (Malta) Limited (“RQIM”) and this transfer is now effective.

RQIM was incorporated in February 2013 and has been authorised by the Malta Financial Services Authority since June 2013.  As recognised by  Mr. Justice Norris in his summing up at the sanction hearing, RQIM will now act as the Group’s regulated European run-off insurance consolidator, both for its existing EEA (European Economic Area) based owned insurance companies and for future EEA based run-off transactions. RQIM is fully licensed for all non-life classes across the EU, thereby greatly enhancing and accelerating the Group’s ability to execute a wide variety of legacy related transactions, ranging from portfolio transfers and mergers to loss portfolio transfers (reinsurances).

With the Chevanstell transfer now complete, RQIM has a strong financial balance sheet to support future transactions and discussions are underway with a number of parties.  Aside from transactions with third parties, it is envisaged that RQIM will absorb other R&Q owned insurers, namely Principle Insurance Company Limited and Alma Vakuutus OY, subject to relevant regulatory and Court approvals.  The rationalisation and simplification of R&Q’s structure is a key objective ahead of the 2016 implementation of Solvency II and should bring considerable capital and operational efficiencies to the Group.

Ken Randall, Chairman and CEO of R&Q, commented, “As planned, the Group has been very active during the past year with structural reorganisation.  This has included the redomicile of the parent company to Bermuda and the rationalisation of our European owned insurance companies as outlined above. As consolidation of our EEA based insurers continues, it will bring about significant capital and regulatory efficiencies for the Group. Above all, we are excited by the fact that the new Maltese company cements R&Q’s position as an efficient and flexible force in the provision of Europe wide run-off solutions.”

Aside from the Chevanstell transfer, R&Q has further rationalised the structure of its Insurance Investments Division by merging both R&Q Reinsurance Company (Belgium) and newly acquired La Reassurance Intercontinentale SA into La Licorne Compagnie de Reassurances SA. This has been done to consolidate the Group’s unregulated run-off reinsurers and to provide a consolidation vehicle for future acquisitions of this type.  Finally, the Group’s remaining Belgian company, La Metropole Compagnie Belge d’Assurance SA, has now extinguished its last claims and is in a voluntary liquidation process.

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R&Q completes Part VII Transfer of Chevanstell

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