Randall & Quilter CFO Booth resigns

CFO Tom Booth has resigned with immediate effect and will be leaving the group with effect from 30 June. Meanwhile, group deputy chairman Alan Quilter will re-assume the role of CFO with immediate effect.

Ken Randall will stay on in his roles as group chairman and chief executive officer, while Mark Langridge, CEO of Insurance Investments, will be appointed to the board and will continue to be responsible for group-wide legacy acquisitions and management.

Ken Randall said: "R&Q continues to make excellent progress. The simplification of the group is proceeding well, most recently with the completion of the disposal of our Lloyd's Managing Agency to Coverys. Further disposals are expected to be agreed and announced shortly.

"The pipeline of new business opportunities remains strong, particularly in the high growth areas of insurance legacy and programme business, which is mostly reinsured to high quality insurance carriers.

"The group has also made good progress with deployment of the cash raised in the recent funding round.

"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."

At 1050 GMT, the shares were up 3% to 136.45p.