Industry veteran joins R&Q as global CEO of legacy insurance amid transition
Global non-life specialty insurer Randall & Quilter Investment Holdings (R&Q) has hired an experienced claims and run-off leader as new global chief executive officer (CEO) of its legacy insurance business, in a move towards its transition to a capital-light recurring fee-based business model.
Andrew Pinkes (pictured) has been appointed global CEO of R&Q’s legacy insurance business. He has over 30 years of experience in the insurance industry, with extensive experience managing legacy and run-off portfolios.
Pinkes has served as executive vice president, worldwide P&C claims and property & casualty run-off for CNA, global head of claims for XL Group, head of claims and P&C run-off for The Hartford, and also held senior executive legal and claims roles at Travelers. He is a board director and advisor for a number of insurance, insurance related and technology businesses. He has been a senior advisor to the insurance practice of McKinsey & Company and a member of the board of advisors for the RAND Institute for Civil Justice.
The appointment follows the recent launch of Gibson Re, a Bermuda-domiciled sidecar with $300 million of capital which will allow R&Q to support $2 billion of legacy insurance reserves.
Pinkes will report into William Spiegel, executive chairman, and will have the legacy insurance M&A and operations teams reporting to him. He will join R&Q on October 1, 2021.
Spiegel said: “I’m delighted to announce Andy’s appointment as our new Global CEO of Legacy Insurance. In addition to proven expertise in managing legacy insurance books, Andy also brings strong experience using data and analytics to improve the management of claims, which is an important pillar of our strategy for R&Q.
“We recently announced the milestone launch of Gibson Re, which will support our ambitions to build further scale in Legacy Insurance while transitioning it into a recurring fee-based business. I look forward to having Andy as our partner at R&Q and working closely with him.”
Pinkes commented: “I’ve long admired R&Q and its position as a leader in the legacy insurance space. With the recent launch of Gibson Re, its offering is more relevant than ever. There exist significant opportunities in the market, I am excited by R&Q’s ambitions to capitalize on these and look forward to working with William and the R&Q team to help deliver on them for both R&Q and its investors.”
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