Randall & Quilter Investment Holdings closes its Canadian MGA

Randall & Quilter Investment Holdings plc confirmed at its annual general meeting June 27 that it is closing its Canadian managing general agency (MGA).

The company, a specialist non-life insurance investor, service provider and underwriting manager, came to the decision following a thorough review.

“Whilst the closure of Canada will incur one-off costs of £600k ($960,000), we are expecting improved trading in the division during the remainder of the year,” notes a company statement.

Beyond the Canadian MGA, the company reports the underwriting management division is performing satisfactorily and the captives division is performing ahead of expectations.

“The company’s acquisition pipeline remains strong and we are pursuing other attractive run-off captive and insurance company opportunities,” the company statement adds.