Randall & Quilter Investment Holdings Ltd. the non-life legacy insurance investor and capacity provider of U.S. and European MGA program business, announced that Ken Randall will step down as group CEO, but will continue as executive chairman of the group.
R&Q further announced the appointment of Dr. Roger Sellek from AM Best as a director of the company. Sellek and Alan Quilter will be appointed to the newly created positions of joint chief executive officers.
Alan Quilter, a chartered accountant, jointly founded the business with Ken Randall in 1991 and currently serves as group chief financial Officer.
Sellek joins R&Q from AM Best, the ratings agency, where he was CEO with responsibility for the group’s worldwide activities ex-Americas. He worked at AM Best for 12 years, initially based in London and relocating to Singapore in 2015.
Prior to joining AM Best, Sellek held senior roles within the Corporation of Lloyd’s, providing leadership across a range of areas including the development and implementation of initiatives such as risk-based capital and realistic disaster scenarios as well as the modeling of Lloyd’s Central Fund adequacy. He was responsible for delivery of the initial credit ratings for the Lloyd’s market.
As commercial director at Lloyd’s from 2000, he was responsible for the market’s strategic business relationships with its investor base, brokers, the rating agencies and the financial-analyst community. He first entered the industry when he joined a predecessor company of R&Q in 1993 where he was involved in a number of projects, notably in relation to the formation of Equitas (which was formed in 1996 to enable the Lloyd’s market to ring-fence its pre-1993 liabilities).
Sellek holds both a Bachelor of Science and a doctorate in mathematical physics from the University of Exeter. He also holds an MBA in strategic management from Imperial College at the University of London.
Following Sellek’s appointment, the R&Q board will comprise four executive directors (Ken Randall, Alan Quilter, Mark Langridge and Roger Sellek) and four non-executive directors (Michael Smith, Alastair Campbell, Phil Barnes and Jo Fox).
“Succession planning has been high on the Board’s agenda and, with the continued development of R&Q’s business, it’s time to add further strength to our senior leadership team and for me to step back from day-to-day operations,” said Ken Randall, group executive chairman.
“Alan founded the business with me nearly 30 years ago and has played a key part in the growth of the business. He will retain oversight of the group’s financial and investment management activities,” Randall added.
“Roger has been known to the group for many years and I am delighted to welcome him back to R&Q after an absence of more than 25 years. Subject to confirmation of necessary work and residence permits, Roger will initially be based in Bermuda, where the group is domiciled,” he said.
Sellek said: “Ken Randall persuaded me to enter the insurance industry from academia many years ago and I’m delighted to have the opportunity now to be able to work with Ken, Alan and Mark. R&Q has evolved to become a major force in its chosen sectors of the insurance industry and I am very much relishing the opportunity to contribute to its continuing growth as part of the leadership team.”
Source: Randall & Quilter Investment Holdings
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