RCS - Randall & Quilter Ld - E&S Program Management CEO appointment

R&Q Insurance HoldingsAnnouncement

09/09/2020 07:00

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RNS Number : 3632Y  Randall & Quilter Inv Hldgs Ltd  09 September 2020

 

 

Randall & Quilter Investment Holdings Ltd.

 

R&Q appoints Patrick J. Rastiello as President and CEO for its E&S
Program Management business

 

9 September 2020

 

Randall & Quilter Investment Holdings Ltd. (AIM: RQIH) ("R&Q"), the
leading non-life global specialty insurance company focusing on Program
Management and Legacy Insurance businesses, is pleased to announce the
appointment of Patrick J. Rastiello as CEO of its newly established US Excess
& Surplus ("E&S") Program Management business, Accredited Specialty
Insurance Company ("ASIC").

 

As guided in its recent Program Management update, R&Q expects to enter
the US E&S Program Management market in Q4 2020.

 

Patrick brings 40 years of experience in the insurance market, with a
particular focus on working with MGAs and programs. He joins R&Q from Aon
Reinsurance where for the last 10 years he was Executive Managing Director,
founder and leader of its MGA/Program Practice Group.

 

Pat was with Aon for 23 years, prior to which he held reinsurance and program
underwriting roles both in London and the US for 17 years.

 

During his tenure at Aon, Patrick had notable reinsurance production
responsibilities culminating with the development and successful execution of
Aon's MGA/Program Practice Group. In addition, Patrick founded and launched
the "Ignition Forum", now recognised as one of the premier gatherings for MGAs
across the US.

 

Patrick will be based in Boston and work closely with Todd Campbell, President
and CEO of Accredited Surety and Casualty Company, R&Q's US admitted
market program management company.

 

Commenting on the appointment, Alan Quilter, Group Chief Executive Officer,
said:

 

"We continue to be excited by the progress in our Program Management business
and are pleased to welcome Pat as CEO of what will be our E&S program
manager, Accredited Specialty Insurance Company. We are on track for its
launch later this year, completing our strategic objective of establishing
Accredited as a comprehensive program management solutions provider in all its
major markets. I look forward to Pat joining and leading the growth of our
E&S program offering."

 

William Spiegel, Deputy Group Executive Chairman, said:

 

"Pat is an excellent addition to R&Q's senior management team. He has an
outstanding track record of building and growing Aon's successful program
businesses making him a natural choice to lead Accredited Specialty Insurance
Company. I am confident that Pat's knowledge of the E&S market as well as
his long and deep relationships with the MGA community will bring significant
value to ASIC. I look forward to Pat joining R&Q and working closely with
him."

 

Pat Rastiello, also commented:

 

"Accredited is a business I know well, and I've been impressed with how
successfully the team has rapidly established a leading program manager in the
US. The opportunity to create a meaningful E&S business as part of the
Accredited platform is compelling. R&Q is an ambitious specialty insurance
company with significant momentum, and I am excited to be joining its highly
qualified leadership team."

 

Ends

  Notes to Editors:

 

 Randall & Quilter Investment Holdings Ltd.
 Ken Randall                                     Tel: +44 (0)7831 145440

 William Spiegel                                 Tel: +001 917 826 5877

 Numis Securities Limited (Nominated Adviser)
 Stuart Skinner / Huw Jeremy                     Tel: 020 7260 1000
 Charles Farquhar                                Tel: 020 7260 1000

 Shore Capital Stockbrokers Limited
 Stephane Auton                                  Tel: 020 7408 4090

 James Thomas

 FTI Consulting                                  Tel: 020 3727 1046

 Edward Berry

 Tom Blackwell

 

About Accredited

 

Accredited is R&Q's Program Management business. Operating in the US, UK
and Europe, Accredited is the only program carrier that has an AM Best A-
credit rating in all these markets. In the US Accredited is licensed in all 50
states and in the UK/Europe it is licensed to write all classes of non-life
business.

 

Accredited has also established a fully authorised UK branch to facilitate
continued access to the large UK market, post Brexit. This branch will get the
full benefit of Accredited Malta's A- rating from AM Best.

 

Accredited's (US) Financial Strength Category increased in 2019 to an AM Best
category IX making it one of the highest rated program managers in the US and
providing an important support for the business' continued growth.

 

About R&Q

 

R&Q is a non-life global specialty insurance company operating two core,
highly complementary, businesses: Program Management and Legacy Insurance.
Both these businesses are leaders in markets with high barriers to entry and
significant secular growth opportunities.

 

Legacy Insurance generates profits and capital extractions from expert
management of legacy non-life insurance portfolios. Program Management
generates commission income from its licensed (and rated) carriers in the US,
EU and the UK, writing niche and profitable program business, largely on
behalf of highly rated reinsurers.

 

For the financial year ended 31 December 2019 R&Q reported pre-tax profits
of over £40 million.

 

Legal Entity Identifier (LEI): 2138006K1U38QCGLFC94

 

Website : www.rqih.com
(https://protect-eu.mimecast.com/s/0nAuCQkz1s1okRiP24kT?domain=rqih.com)

 

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