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.