R&Q hires new group CFO from Bank of America to capitalise on hard market

Global specialty insurance and investment company Randall & Quilter Investment Holdings has appointed Thomas Solomon as new group chief financial officer (CFO).

Solomon will also join the company’s board of directors later in the year. He will be based in R&Q’s New York office and report to William Spiegel, group deputy executive chairman.

Solomon joins R&Q from his current position as managing director and head of Americas Insurance Investment Banking at Bank of America. He has previously held senior positions at Citigroup and PricewaterhouseCoopers.

Spiegel, said: “I have known and worked with Tom for many years and I have always admired his dedication, hard work and professionalism. Tom’s skillset includes a deep understanding of the insurance sector, a strong numerical background and expertise in the capital markets and M&A. These attributes will prove invaluable in his new role as CFO. In addition, we look forward to Tom managing the essential functions associated with group finance, including cash and capital management, solvency, reserving, actuarial and rating agency matters.”

Alan Quilter, group chief executive officer and interim CFO, said: “Tom joins us at an exciting time in our growth. His experience will be critical as we seek to capitalise on the current “hard” market in both our Program Management and Legacy businesses, particularly following our recent $100 million equity raise. Ken, William and I look forward to partnering with Tom.”

Ken Randall, group executive chairman, commented: “We are delighted to announce the appointment of Tom as our CFO. His experience and skillset make him an excellent fit and it follows the appointment of William Spiegel as Group Deputy Executive Chairman, continuing R&Q’s careful succession planning. I am pleased with the strength of our management team as we look to capitalise on the opportunities ahead of us. Importantly, Tom’s appointment will enable Alan Quilter, currently acting as interim CFO, to focus on his responsibilities as CEO.”

Solomon said: “I am excited to join R&Q. It is a company I have known and respected for many years and am pleased to be joining at this unique time when both of its insurance business lines are poised for significant secular growth. I look forward to working with William, Ken and Alan and the rest of the R&Q team.”