R&Q hires Bailey as it seeks ongoing innovation in the legacy space

Randall & Quilter, a Bermuda headquartered specialist non-life insurance and reinsurance investor, legacy or run-off transaction service provider and underwriting program manager (amongst other things) has hired Darren Bailey, an executive with ILS and capital markets experience.

Randall & Quilter (R&Q) has been known for taking an innovative approach to the legacy insurance and reinsurance investments sector and with the hiring of Bailey it seems the firm intends to put his expertise to work in developing solutions that fit today’s re/insurance market and the appetite of institutional investors.

Bailey had previously worked at specialist investment banking and insurance-linked securities (ILS) Aon Securities as the Head of Capital Markets for Europe in the firm’s London office for just over one year.

Prior to that Bailey worked as a Director in the Aon Insurance Management team, leading ILS business development for the EMEA region.

Before those roles Bailey spent more than three years working for insurer AIG, as a Senior Underwriter focused on alternative risk transfer and structured solutions.

Prior to which Bailey had spent seven years putting his qualified actuary skills to good use also at Aon in a variety of risk finance and actuarial consulting roles, in Dublin and London.

Now Bailey joins the R&Q team, a different type of firm but one where his background could be put to good use.

Commenting on the hire to Artemis, Paul Corver, Group Head of M&A at Randall & Quilter said, “R&Q has been innovating in the legacy space for over 25 years and with Darren Bailey now joining the team we can tap into his wealth of experience to push the boundaries further as to how legacy is transacted.”

As well as the legacy and run-off style transactions or acquisitions, where R&Q provides access to insurance-linked returns for investors that back these books while earning income for their management expertise, the firm is also seeking growth in its program business, through which it provides reinsurance capital providers with efficient access to re/insurance risk.

The firm has in the past sought opportunities to assist ILS funds with exit solutions as well, recognising that its expertise could be complementary to investor ambitions to relinquish and move away from impaired business.

Bailey’s actuarial, consulting, insurance management, capital market and ILS skills will be well-suited to identifying new opportunities in these R&Q business areas, particularly at a time when third-party capital has become so integral to the fabric of insurance and reinsurance.

With significant opportunities available to those companies that can provide investors with efficient access to risk linked returns, R&Q could capitalise on its product offerings to become a partner of the ILS investment community.