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RNS Number : 2401L R&Q Insurance Holdings Ltd 19 April 2024
R&Q Insurance Holdings Ltd
Appointment of Non-Executive Directors
19 April 2024
R&Q Insurance Holdings Ltd (AIM-RQIH) ("R&Q" or the "Group") announces
the appointments to the Board of Stephen Welch and Lawrence Hirsh as
Non-Executive Directors, effective from 18 April 2024.
Stephen Welch has worked for financial sponsors and investors in both
executive and non-executive roles. He has extensive experience managing
complex corporate issues, including several restructuring situations of
regulated financial services and insurance businesses. Stephen is also a
Non-Executive Director of Telegraph Media Group Limited, The Spectator (1828)
Limited and the Primary Group Limited. Stephen was a partner at McGrathNicol
and a Senior Managing Director at FTI Consulting, and is a Chartered
Accountant.
Lawrence Hirsh has acted as an independent board member and advisor to a
number of companies, providing financial and operational services. Lawrence
was previously a Managing Director for Alvarez & Marsal, leading its
Southeastern US Corporate Restructuring Practice, and a Partner at Arthur
Andersen LLP. As both an advisor and during his career, Lawrence has a
track-record of helping drive operational improvements and cost reduction
programs.
Jeff Hayman, Chairman of R&Q, said: "Stephen and Lawrence both bring
relevant additional experience to the Board, in particular with regards to our
priorities of reducing debt and improving the efficiency and expense base of
the go-forward business. As we continue to work towards completing the sale of
Accredited, these appointments also support our ongoing discussions with
lenders to achieve their necessary approvals."
Regulatory disclosure - The following disclosures are made in accordance
with Schedule 2(g) of the AIM Rules for Companies:
Lawrence Randall Hirsh, aged 61, holds no ordinary shares or options in the
Company. Lawrence Hirsh's current and previous directorships are as follows:
Current Partnerships / Directorships Previous Partnerships / Directorships (last 5 years)
Acousti Engineering Company Of Florida Alvarez & Marsal North America, LLC
Air Pros Solutions, LLC American Physician Partners, LLC
Angel Oak Mortgage Income Opportunity Fund LLC Angel Oak Bridge Lending Fund
Angel Oak Real Estate Investment Trust I Central Security Group, INC
Angel Oak Real Estate Investment Trust II Georgia Renewable Power, LLC
Angel Oak Real Estate Investment Trust II LP Sierra Hamilton Holdings Corporation
Angel Oak Real Estate Investment Trust III Sierra Hamilton LLC
CSI Financial Services, LLC Vondrehle Corporation
Hylan Novellus, LLC
Marx Okubo Associates, Inc
Pluto Parent, LLC
Premier Kings Of Alabama, LLC
Premier Kings, Inc.
PRGX Global Inc.
Redlobster management, LLC
Tom Barrow Company, INC
Verano Holdings Corporation
Virtex Investment Holdings, LLC
Alvarez & Marsal North America, LLC
American Physician Partners, LLC
Angel Oak Bridge Lending Fund
Central Security Group, INC
Georgia Renewable Power, LLC
Sierra Hamilton Holdings Corporation
Sierra Hamilton LLC
Vondrehle Corporation
In his role as a restructuring advisor at Alverez and Marshall, Lawrence Hirsh
was on the board of the following companies at the time of the following
insolvency processes:
· American Physician Partners - Chapter 11 in 2023
· Vondrehle Corporation - Receiver appointed in 2023
· Product quest manufacturing - Chapter 11 2018
Stephen Hamilton Welch, aged 50, holds no ordinary shares or options in the
Company. Stephen Welch's current and previous directorships are as follows:
Current Partnerships / Directorships Previous Partnerships / Directorships (last 5 years)
B.UK. Limited ABS Limited
Best Doctors Insurance Limited Alter Domus Management Company SA
Cadmus Media Group Holdings Limited (formerly known as Telegraph Media Group Alter Domus SARL
Holdings Limited) Essar Oil (UK) Limited
Ellerman Investments Limited (formerly known as Barclays Hotels Group Limited) The Raynar Investment Trust PLC
Globoforce Group plc (subject to legal proceedings)
May Corporation Limited
Press Acquisitions Limited (formerly known as 2252nd Single Member Shelf
Investment Company Limited)
Press Holdings Limited
Primary Group Ltd
Rodimus Holdings Ltd
Rodimus Infrastructure Ltd
Rodimus Operations Limited (formerly known as Hamilton Welch Limited)
Rodimus Securities Ltd
Telegraph Media Group Holdings Limited (formerly known as Hackremco (No.2679)
Limited)
Telegraph Media Group Limited (formerly known as Telegraph Group Limited)
The Chelsea Magazine Company Limited
The Spectator (1828) Limited (formerly known as The Spectator (1975) Limited)
ABS Limited
Alter Domus Management Company SA
Alter Domus SARL
Essar Oil (UK) Limited
The Raynar Investment Trust PLC
In his role as a restructuring advisor, Stephen Welch was on the board of the
following companies at the time of their insolvency processes:
· ABS Limited - solvent scheme of arrangement
· Bakeholdco 1, 2, 3 & 4 - creditors voluntary winding up in
2015
In addition, following the sale of the UK broking operations, Stephen Welch
acted as a director and senior creditor petitioning the wind-up of R P Martin
Group and associated group companies: MBG Europe Limited, WOWS 1 Limited, WOWS
8 Limited and R P Martin AG, which was a nil assets dormant subsidiary.
Save for the disclosures above, there are no further disclosures to be made in
accordance with Rule 17 and Schedule 2(g) of the AIM Rules.
-Ends-
Enquiries to:
R&Q Insurance Holdings Ltd Tel: +44 (0)20 7780 5850
Jeff Hayman
William Spiegel
Tom Solomon
Fenchurch Advisory Partners LLP (Financial Adviser) Tel: +44 (0)20 7382 2222
Kunal Gandhi
Brendan Perkins
John Sipp
Richard Locke
Tihomir Kerkenezov
Barclays Bank PLC (Financial Adviser and Joint Broker) Tel: +44 (0)20 7632 2322
Gary Antenberg
Richard Bassingthwaighte
Anusuya Nayar Gupta
Grant Bickwit
Howden Tiger (Financial Adviser) Tel: +44 (0)20 7398 4888
Rob
Bredahl
Leo
Beckham
Deutsche Numis (Nominated Adviser and Joint Broker) Tel: +44 (0)20 7260 1000
Charles
Farquhar
Giles
Rolls
FTI Consulting Tel: +44 (0)20 3727 1051
Tom Blackwell
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