R&Q encouraged by investor interest as it moves to raise $100m

Bermuda-based global specialty insurer Randall & Quilter is seeking $100 million from investors by way of a non-pre-emptive offer, an open offer and a management subscription.

The new shares will be offered at 105 pence apiece.

Beyond the immediate move to raise funds, the company will call a shareholder meeting for July 11 to authorise the remainder for a follow-up tranche.

From the raised funds, R&Q intends to put approximately $60 million to fund collateral requirements at Lloyd's, then put the rest to pay down debt and meet financial covenants.

William Spiegel, Executive Chairman of R&Q, said: “We have been encouraged by the strong indications of interest we have had from shareholders in participating in the Fundraise. Our 2021 Full Year Results, which we have also issued today, demonstrate the underlying strength and ongoing momentum of our two core businesses, and the significant opportunities we see for both as we execute against our Five-Year Strategy. The fundraising will give us the capital required to de-lever our balance sheet and maintain the strong financial profile needed to support our continued growth.”