R&Q RAISES £16.9M TO SUPPORT GROWTH

Live-to-legacy firm Randall & Quilter (R&Q) has raised £16.9m ($21m) through a share placing to support the expansion of the business. The run-off specialist has said it intends to use the funds to simplify its business model through expanding its core legacy acquisition activity and fronting fee generation in its Accredited and R&Q Insurance (Malta) units. R&Q has said it plans to capitalise on opportunities driven by regulatory changes, including Solvency II – which is impacting large underwriters globally – macroeconomic effects and separation of distribution from underwriting capital. The group said it had identified a strong pipeline of opportunities for all of its three business arms: Accredited, R&Q Insurance (Malta) and legacy acquisitions/novations.