R&Q group CFO resigns amid planned simplification of business

Randall & Quilter (R&Q) group chief financial officer (CFO) Tom Booth has resigned as a director with immediate effect and will be leaving R&Q group effective June 30 to pursue alternative opportunities.

Group deputy chairman Alan Quilter will re-assume his previously-held role of group CFI with immediate effect.

Ken Randall, who will continue as group chairman and CEO, said: “Tom joined the Group almost ten years ago, shortly after R&Q listed on the AIM market of the London Stock Exchange.  He has made a significant contribution to the development of R&Q’s business and we shall miss his intelligence and energy.  I wish him every success in his future career.

Along with these senior management changes, R&Q is continuing to simplify the group structure of its business, following the completion of the disposal of its Lloyd's Managing Agency to Coverys, with further disposals expected to be announced shortly.

R&Q said that the pipeline of new business opportunities remains strong, particularly in what it considers high growth areas of insurance legacy and programme business, which is mostly reinsured to high quality insurance carriers.

Randall added: "We are today announcing a number of internal promotions across the Group and there is to be some re-alignment of senior management responsibilities.  We have a highly focused, talented and experienced management team and we are all excited about the prospects for growth.  The business is performing well and we have an excellent and growing pipeline of new business opportunities both in legacy and insurance programme business.

“The management changes being announced today are designed to enhance business development, capital management and operational efficiency.  The simplification of our business following recent and planned disposals, will enable Alan Quilter and I to devote more time to ‘hands on’ business development.  The reaction from the re/insurance market to our business initiatives has been extremely positive and momentum has increased as a result of uncertainties around Brexit and wider insurance industry developments.”