News
R&Q buys JMD
21 January 2010
JMD Specialist Insurance Services Group has been bought by the R&Q Group. Randall & Quilter Investment Holdings has acquired the entire issued share capital of JMD from the existing JMD management team and BP Marsh & Partners, for a total of £2,011,250 comprising £1,312,500 in cash and the allocation of 650,000 existing R&Q ordinary shares currently held on behalf of the group’s employee benefit trust.
JMD's range of insurance services activities are focused particularly on Lloyd’s. Its services include accelerated premium collection, broker performance review, coverholder management, reinsurance recoveries and closed year collections. Its client base includes Lloyd’s syndicates, UK and international insurers and reinsurers.
 R&Q’s CEO Ken Randall (pictured, left) describes the acquisition as ‘a significant expansion of our service offering to active underwriting entities in the London market, especially Lloyd’s. JMD provides a valuable service to the market by accelerating the collection of premium and allowing participants to measure their own and their partners’ premium collection and claims payment efficiency.
‘This is particularly important in light of the impact from the Market Reform initiatives at Lloyd’s,’ adds Randall. ‘We plan to build on the service offering in this important yet often neglected part of the market to establish closer relationships between the R&Q group and the “live” underwriting market participants.
John Dewen, CEO of JMD, says that joining R&Q ‘represents a good strategic fit for JMD.’
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