R&Q
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After taking a $90mn capital charge relating to the former Ace run-off asbestos book in 2021, the group is looking to liquidate the entity. -
R&Q is selling its 40% minority stake in Tradesman, which it acquired in 2019 following the acquisition of Sandell Re.
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The R&Q founder had been linked to 777 since its attempted acquisition of the listed firm.
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Among the programmes accredited, R&Q agreed its first in Germany.
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Going forward, the legacy M&A division will be led by co-heads Huw Battrick and Parri Spector.
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The executive chairman has sold around half of his holding back to the company.
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The pair have acquired an MSA subsidiary that holds product liability claims for exposure to harmful substances.
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The LPT will provide the unnamed California-based pool with reserves related to legacy general liability, employment practices liability and auto liability risks.
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The carrier also reported a fee income of $60mn, up from $30mn in the nine-month period ended 30 September 2021.
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Huw Battrick replaces Tom Dixon, who left R&Q earlier this year after more than six years at the carrier.
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Activist investors had tabled resolutions to oust William Spiegel as executive chairman and appoint Ken Randall as a director.
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The carrier’s programme management business’ GWP rose by 82% to $807.3mn.
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