The co-founder of legacy specialist and program manager Randall & Quilter (R&Q) is to step down from the role of executive chairman at the end of March 2021.
Ken Randall will also relinquish his role as director of the London-listed firm as he enters retirement, handing over the chairman position to former Pine Brook co-founder William Spiegel.
Plans for Spiegel to succeed Randall were first set out in January, when Spiegel joined the group as an executive director and deputy group chairman.
At the time the Bermuda-domiciled business outlined there would be a “gradual handover” process in 2020.
Randall, aged 71, co-founded R&Q in 1991 alongside Alan Quilter, with the company playing a pioneering role in the growth and development of the then nascent legacy market, which is now worth over $800bn according to PwC.
Over the past three years Randall has been the driving force behind a transformation of R&Q, selling-off a host of non-core operations and focussing on legacy and providing fronting services for European and US’ MGAs.
And following a series of complementary equity fund raises – most recently with a $100mn equity raise backed by 777 Partners and HSCM – R&Q’s market cap has grown to circa £340mn.
In its FY2019 results, R&Q unveiled record pre-tax profits which climbed from £14.3mn in 2018 to £40.1mn.
R&Q completed 16 legacy acquisitions in 2019, contributing £332.2mn of new cash and investments and £276.2mn of additional net reserves.
So far in 2020, it has slated deals with HIIG and Hamilton-at-Lloyd’s amongst a series of other significant transactions and has been linked with a number of current live processes.
Commenting on his retirement next year, Randall said: “Today, the opportunities for R&Q are arguably the greatest since I founded the business with Alan nearly 30 years ago as the significant secular growth in our two core markets, legacy and program management, continues to accelerate.
“In addition, the strength of the management team we have built gives me great confidence in our ability to capitalise on these opportunities. R&Q has always been a business that combines entrepreneurialism, boldness and innovation and, in William, I am delighted to have identified a successor who encapsulates these values,” he continued.
“Since his joining in January I have been deeply impressed with William’s energy, drive and vision, reinforcing my confidence in him as the right individual to take R&Q forward when I retire.
“I am hugely proud of the business R&Q has become, but I will save my thanks and reflections until next April. While, as both a co-founder and major shareholder, this smooth succession gives me great comfort, my focus today remains very much on delivering against the ambitious plans we have.”
Spiegel added: “It will be a great honour to succeed Ken, a true pioneer and genuine legend in our industry. I look forward to properly celebrating all Ken has achieved in nine months’ time, but in the immediate term I know he would not want to distract focus as we look to build on a record 2019.
“Ken has been instrumental in creating a unique business in R&Q; I’m excited to accept the challenge and responsibility of building on its culture of success and look forward to continuing to work closely with Ken over the coming nine months to ensure a smooth transition while benefiting from his unrivalled experience,” he concluded.