Firm will 'put in some of our own money' to kickstart the venture
Randall & Quilter plans to invest in a joint partnership to help launch a Lloyd’s syndicate.
The run-off specialist will act as a ‘turn-key’ managing agent to help an undisclosed European insurer launch the syndicate in the final quarter of this year.
Chairman and chief executive Ken Randall said: “We intend to put in some of our own money … we are keen to get the right venture to kick these processes off.”
Randall said the firm had plenty of funds to drive growth. The business has a £60.7m market capitalisation on the alternative investment market (AIM), investor backing and a £30m untapped banking facility.
Randall was speaking as the business posted £260,000 pre-tax profits for 2009, compared with £8.6m in 2008.
Despite group income rising 26% to £26.4m, the firm had to pay out an undisclosed sum to Equitas over reinsurance claims relating to the Exxon Valdez oil spill, and to Kuwait following the first Gulf War.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
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