London-listed R&Q has raised $100M in fresh equity as it expects the Covid-19 crisis to create “considerable future opportunity” for the group’s legacy acquisitions and program underwriting services, the company announced this morning.
Backing the issue – the equivalent of 27 percent of the group’s £300M market cap prior to the placing – is existing shareholder 777 Partners, a Miami based investment firm, with a further $80M investment.
The second investor is Hudson Structured Capital Management Ltd (HSCM), the Bermuda ILS fund manager led by former Goldman Sachs executive Mike Millette, with a $20mn participation.
In a joint statement this morning, R&Q’s senior management team Ken Randall, Alan Quilter and William Spiegel said the current market turmoil caused by the pandemic will “only increase demand [for R&Q services] …as the balance sheets of traditional insurance companies come under increased strain. The equity we have secured will enable us to proactively and quickly move to capitalise on these dynamics as the market seeks the solutions R&Q is able to provide.”
For more information, please read the full press release: http://www.rqih.com/significant-new-investment-in-the-group/