Randall & Quilter’s group chief financial officer has resigned as a director and will leave the company in June. He was meant to become R&Q’s chief executive later this year.
Randall & Quilter (R&Q) group deputy chairman, Alan Quilter is to resume the role of group chief financial officer as the once-intended chief executive, Tom Booth steps down.
Quilter is no stranger to the role at R&Q, which he held for 20 years from 1991 to 2011.
The Group-wide development of programme business will now also be his responsibility. Randall claims that the move is intended to allow Quilter and himself to “devote more time to ‘hands-on’ business development.”
Group chairman Ken Randall has confirmed that R&Q’s current group chief financial officer, Tom Booth is set to leave the group on 30 June 2018 to pursue “alternative opportunities”. He has already resigned as a director.
Booth had been expected to take on the role of R&Q chief executive in H2 2018.
“Further disposals” expected
The run-off buyer’s plans for simplification are going well, according to Randall, and it is expecting to announce “further disposals”.
These will follow its offloading of its Lloyd’s Managing Agency to Coverys.
Randall commented: “The pipeline of new business opportunities remains strong, particularly in the high growth areas of insurance legacy and programme business, which is mostly reinsured to high quality insurance carriers.”
Strong first-half results showed R&Q’s profit quadrupling from £1.2m in the first half of 2016 to £5.4m in the first half of 2017.
Brexit uncertainties build momentum
Brexit uncertainties are increasing momentum for R&Q. Randall concluded, “The reaction from the (re)insurance market to our business initiatives has been extremely positive and momentum has increased as a result of uncertainties around Brexit and wider insurance industry developments.”