Randall and Quilter (RQIH) co-founder and outgoing executive chairman Kenneth Randall has sold shares worth £0.8m in the group. However, his stake has increased to 5.14 per cent following the insurer’s July bonus share issuance.
In July, Mr Randall announced his intention to retire from his role and step down as a board director in March next year. He will be replaced by deputy executive chairman William Spiegel.
Like its peers, Randall and Quilter eschewed paying a final dividend in favour of issuing bonus shares to shareholders after the Prudential Regulation Authority wrote to insurers and lenders advising them to “pay close attention” to the need to protect policyholders and “maintain safety and soundness” in the wake of the pandemic. However, at the time of the group’s 2019 results release, Mr Randall said it intended to return to cash payments this financial year.
Those results revealed that pre-tax profits had more than doubled as it continued to buy up legacy books of business, with the insurer completing 16 deals, including its largest acquisition to date with the purchase of Global Re for $81m (£68.6m). In May, $100m was raised to invest in buying more legacy books of business, although management hopes to complete more transactions with third-party investors, helping boost return on capital in turn.
It has also been ploughing ahead with growing its programme management business, which acts as an intermediary delegating the issue of licensed insurance policies to managing general agents, through which it earns fee-based annually recurring commission.
| Buys | ||||||
| Company | Director/PDMR | Date | No. of shares | Price (p) | Aggregate value (£) | Comments |
| IG Group | Mike McTighe (ch) | 23 Jul 20 | 3,500 | 740.7 | 25,925 | |
| IG Group | June Felix (ceo) | 23 Jul 20 | 6,200 | 742.9 | 46,061 | Average price |
| WM Morrison | Andrew Higginson | 23 Jul 20 | 21,340 | 185.52 | 39,590 | Purchased by PCA |
| Wincanton | Stewart Oades | 23 Jul 20 | 10,657 | 186.25 | 19,849 | |
| Alumasc | Graham Hopper | 23 Jul 20 | 28,530 | 69.99 | 19,971 | |
| Wincanton | Martin Read (ch) | 24 Jul 20 | 21,507 | 185 | 39,788 | |
| Henry Boot | Gerald Jennings | 24 Jul 20 | 8,250 | 241 | 19,883 | |
| Anglo Pacific | Julian Treger (ceo) | 24 Jul 20 | 30,000 | 177.6 | 35,280 | |
| Countryside Properties | Iain MacPherson (ceo) | 27 Jul 20 | 28,358 | 335 | 94,999 | Placing |
| Countryside Properties | Nicholas Worrall | 27 Jul 20 | 22,388 | 335 | 75,000 | Placing |
| St Modwen Properties | Sarah Whitney | 27 Jul 20 | 8,371 | 298.2 | 24,963 | Average price |
| St Modwen Properties | Sarah Whitney | 27 Jul 20 | 3,061 | 302 | 9,244 | Purchased by PCA |
| St Modwen Properties | Danuta Gray | 27 Jul 20 | 8,361 | 302 | 25,250 | |
| IMI | Caroline Dowling | 27 Jul 20 | 1,714 | 1,065 | 18,254 | |
| Headlam | Keith Edelman | 28 Jul 20 | 7,059 | 281.9 | 19,899 | |
| Sells | ||||||
| Company | Director/PDMR | Date | No. of shares | Price (p) | Aggregate value (£) | Comments |
| Croda International | Anthony Fitzpatrick | 23 Jul 20 | 2,404 | 5,600 | 134,624 | |
| Randall & Quilter | Kenneth Randall (ch) | 23 Jul 20 | 500,000 | 151.91 | 759,569 | Average price |
| IntegraFin | Judith Davidson (coo) | 23 Jul 20 | 287,500 | 539.22 | 1,550,250 | Average price, sold by PCA |
