R&Q relocate to Bermuda

RANDALL & Quilter, the Aim-listed insurance vehicle, yesterday unveiled plans to redomicile its holding company in Bermuda.

The company said this was partly due to the uncertainty created by delays to forthcoming EU regulations, known as Solvency II. It will continue to pay tax in the UK, even though some key executives will locate to the Atlantic island.

Randall & Quilter also unveiled year-end profits of £9.9m for 2012, up from £8.3m for 2011.