5 February, 2018
R&Q Investment Holdings Ltd. (R&Q) is pleased to announce that it has received an A- (Excellent) credit and financial strength rating from A.M. Best for its European subsidiary R&Q Insurance (Malta) Limited (R&Q Malta).
It is the first time R&Q Malta has received a published A.M. Best rating and it is an important milestone in the execution of R&Q’s new strategy of focusing on its long-standing business of acquiring & managing run-off portfolios, together with providing much in-demand programme management capacity on behalf of MGAs and their reinsurers.
In 2017, R&Q unveiled a new, focused strategy based on these two core propositions which are delivered through its Bermuda, US, European (Malta) and Lloyd’s platforms. As part of this strategy, R&Q has made a number of divestments of its non-core businesses and also raised £65m net funds through two separate equity placings in 2017.
In addition to the A- (excellent) rating with a stable outlook for R&Q Malta, A.M. Best’s analysis of the R&Q Group has resulted in bbb- rating with a stable outlook for Randall & Quilter Investment Holdings Ltd.
The rating development also follows an affirmation last year by A.M. Best of Accredited Surety & Casualty’s (Accredited) A- (excellent) financial strength rating. Accredited is R&Q’s Florida domiciled insurer which is licensed in all fifty states, together with the District of Columbia, to write Property & Casualty business.
Ken Randall, chairman and CEO of R&Q welcomed the development:
“We are delighted that A.M. Best has recognised the quality of R&Q’s balance sheet, our group risk and operational management and our new, strategy focused around two core offerings: legacy acquisitions and programme management.
“The A- rating for our European insurance company, R&Q Malta, is an important step in our new strategy and gives our customers and counterparties even greater confidence in our ability to meet their needs in providing solutions to exiting run-off business and in being their programme underwriting partner of choice.
“I can also confirm that the proceeds of the fundraise in October 2017 have now been fully deployed, as planned, by way of additional capital injections into Accredited and R&Q Malta.
“With a strong pipeline of business and the completion of our non-core divestments, the newly focused R&Q looks forward to 2018 with confidence”.
Click here for the full Press Release
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