R&Q
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Research from this publication exposed a dearth of female leadership in the Lloyd’s market. -
CIO Gary Channon claimed R&Q executive chairman William Spiegel is lacking in “competence, alignment and integrity”.
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The executive has come under fire from the company’s two largest shareholders, which are calling for his removal.
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Five of R&Q’s top 10 shareholders have now come out in support of the executive chairman, while two activist shareholders seek his removal.
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Alastair Campbell, current senior independent director, will remain an independent director and retire as planned on 31 January 2023.
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Abrdn manages funds owning approximately 6.2% of the outstanding shares of R&Q.
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Plus the latest on the FCA backlog, exclusive people moves and all the top news of the week.
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A very public shareholder dispute is taking centre stage at a firm in transition.
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The investor now has a ~9% holding in the legacy specialist.
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In an open letter, the asset manager said investors had seen the performance of the business deteriorate under the leadership of William Spiegel.
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The carrier also increased its GWP by 82%, raising it to $807mn in H1 2022 compared to $445mn last year.
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The ratings were removed from under review with negative implications after the legacy and programme specialist successfully executed a capital raise.
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