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R&Q completes redomicile to Bermuda, moves CFO here

Calling itself the largest independent captive manager in Bermuda, Randall & Quilter has announced it has completed its redomicile to the Island.

In announcing first-half results, R & Q disclosed that its redomicile to Bermuda was “aimed at providing the Group with more certainty on longer term Group capital requirements and enhancing the Group's acquisition activity and third party capital support in the Bermudian and North American markets”.

R&Q had said if its redomiciling was approved by shareholders, it would increase its presence by moving key executives to Bermuda.

A R&Q spokesman yesterday said the company has followed through on that and now has 20 staff in Bermuda at its Clarendon House offices, including the company CFO Tom Booth who is now based in Bermuda full time.

He moved to Bermuda last month.

The specialist non-life insurance investor, service provider and underwriting manager, this week announced its Group interim results for the six months ended 30 June 2013

Randall & Quilter said first-half profit on ordinary activities before income taxes decreased to 4.10 million pounds, from 8.55 million pounds, last year.

Profit to ordinary shareholders was 2.05 million pounds or 3.9 pence per share, compared to 4.40 million pounds or 8.7 pence per share, prior year.

Total income rose to 26.20 million pounds, from 25.27 million pounds a year ago.

During the period, the Group completed its first transaction in the Bermuda market, “which remains the world's largest captive domicile”.

Ken Randall, chairman and CEO commented: “The first half of the year was marked by the completion of a number of significant corporate developments at Randall & Quilter.

“These included the equity placing, raising £24m to fund the Group's expansion plans for Syndicate 1991 and the growing opportunities in the run-off acquisition market.

“The Group also completed its redomicile to Bermuda in July and established its EEA based run-off consolidator in Malta, thereby strengthening and optimising the Group's operational and regulatory platforms.”

(Photo by Mark Tatem) R&Q's offices in Bermuda at Clarendon House.

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Published August 30, 2013 at 9:00 am (Updated August 29, 2013 at 6:39 pm)

R&Q completes redomicile to Bermuda, moves CFO here

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