Senior management at R&Q reshuffled as group CFO quits

Randall & Quilter (R&Q), the specialist non-life legacy insurance investor and capacity provider of US and European MGA programme business, has made a number of changes to its senior management team. The business said it wants to simplify its group structure.

Tom Booth, group chief financial officer, has resigned as a director and will be leaving the business effective in June to pursue other opportunities.

Alan Quilter, group deputy chairman, will re-assume the role of group chief financial officer, a position which he has held previously. Quilter will additionally take the lead as regards to group-wide development of programme business.

Mark Langridge, CEO of insurance investments, who has been with the group since 2008, will be appointed to the group board and will continue to be responsible for group-wide legacy acquisitions and management.

Ken Randall, group chairman said: "Tom joined the Group almost ten years ago, shortly after R&Q listed on the AIM market of the London Stock Exchange. He has made a significant contribution to the development of R&Q’s business and we shall miss his intelligence and energy. I wish him every success in his future career.

"We are today announcing a number of internal promotions across the Group and there is to be some re-alignment of senior management responsibilities. We have a highly focused, talented and experienced management team and we are all excited about the prospects for growth. The business is performing well and we have an excellent and growing pipeline of new business opportunities both in legacy and insurance programme business.

"The management changes being announced today are designed to enhance business development, capital management and operational efficiency. The simplification of our business following recent and planned disposals, will enable Alan Quilter and I to devote more time to ‘hands on’ business development. 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."

Randall added: "R&Q continues to make excellent progress. The simplification of the Group is proceeding well, most recently with the completion of the disposal of our Lloyd’s Managing Agency to Coverys. Further disposals are expected to be agreed and announced shortly. 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. The Group has also made good progress with deployment of the cash raised in the recent funding round."

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