Subsidiary of Qatar Insurance Company becomes new capital provider
Run-off specialist Randall and Quilter (R&Q) is to double its capacity on its first-party syndicate (S1991) to £150m in 2014.
R&Q had a capacity of £76m for 2013. R&Q said that capital has already been secured for this increase in capacity in the form of Lloyd’s names (£60m), existing third-party capital providers and a new capital provider called Q Re, which is a wholly owned subsidiary of Qatar Insurance Company.
Shore Capital analyst Eamonn Flanagan said: “We view this news as very encouraging, especially the appetite from Names and third-party capital providers to support the syndicate. R&Q reminded the market of the lag in earned premium development due to the timing in signing up the underlying MGAs (as per the interims), but expected ultimate premium income remains close to its plan.”