Open Letter to Shareholders of R&Q Insurance Holdings Ltd

12th August, 2022


Open Letter to Shareholders of R&Q Insurance Holdings Ltd


Re: General Meeting Requisition


Dear Fellow Shareholder,

“Phoenix represents 46 million ordinary shares in the company and have been continual investors in the company since its IPO in 2007.  We and other investors have seen the performance of the business deteriorate under the leadership of William Spiegel.

We are therefore calling for a General Meeting to be held at which resolutions will be proposed for William Spiegel to stand down and a new Executive Director be appointed.  William Spiegel is not the right person to be leading the company. We have confidence and trust in Ken Randall, the company's founder and former Executive Chairman. We seek his reappointment to the board as an executive director.

We also believe that the board should be led by an independent non-executive chair and we believe that the majority of shareholders share that view.

We are disappointed that the board, having agreed to try and effect this change out of the public arena, has gone back on that, forcing us to adopt this approach. We delayed this requisition for a further day to allow dialogue with the board and received no real engagement.

We believe the majority of shareholders share similar concerns to us and that will be demonstrated by the result of the vote.

We are very much supportive of the company and have shown this by offering to provide all the new capital that the company has sought, and more. We want what is in the best long-term interests of the Company and its stakeholders including employees and shareholders and we believe that by adopting these resolutions we will be on the right path to achieving that.”

Phoenix Asset Management Partners

If you would like to contact Phoenix, please email us at:

Note to shareholders:

Phoenix Asset Management Partners is a fund management company founded in 1998, based in Barnes, Southwest London. Amongst other investments, we control 12.3% of the shares of R&Q Insurance Holdings Ltd.

We have an investment philosophy inspired by the teachings of Benjamin Graham, Philip Fisher, Warren Buffett and Charlie Munger. We are known for the depth of our research especially our monitoring programmes that are based upon lots of fieldwork as we experience companies through the eyes of their customers. We have a long term track record of generating returns significantly in excess of the market and manage circa £1.2bn.

Over the past 24 years we have built Phoenix using a principles based approach to business that emphasises integrity, transparency and fairness in all our dealings. You can learn more about us at

Posted on 13 August 2022

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