William Spiegel has taken over as executive chairman of Randall & Quilter Investment Holdings Ltd from insurance industry veteran Ken Randall.

Mr Randall has also stepped down from the board of the Bermudian-based non-life global speciality insurance company, which focuses on legacy insurance business.

Mr Spiegel said: “It is an immense honour to succeed Ken, who has been one of the world’s leading insurance entrepreneurs for over 30 years. More importantly he has been an important mentor and friend to me.

“Ken retires from R&Q having played a pivotal role in building a truly unique specialty insurance company. Today we have a market value of nearly £500 million [$691 million], over 300 employees in nine offices around the world and compelling propositions in the growing legacy insurance and programme management markets.

“From a personal perspective, I am very excited to step into the role of executive chairman. We have a huge market opportunity in front of us. We will continue to execute our growth strategy and move the business forward.”

Alan Quilter, Group chief executive officer and co-founder, said: “I first met Ken in 1974 at Lloyd’s and we worked together on and off until we founded R&Q in 1991.

“The last 30 years have been an incredible journey for us as we’ve successfully established R&Q as a highly regarded specialty insurance group with leading propositions across our two core business lines.

“Ken’s direction, energy and vision have been key to this success, while he has been pivotal in building an outstanding senior management team which is now taking the Group to the next level.

“Ken retires from R&Q with the business in great shape. I wish Ken all the best for his retirement.”

Mr Randall said: “The one constant since I co-founded R&Q is the quality of its people, from Alan who I’ve worked with since the start through to William as my successor, and it is these people who have underpinned our success.

“I therefore retire as executive chairman with a mixture of pride in the business I have helped build and excitement, as a shareholder, for its future. Having known him for many years, I have great confidence that William is the right person to lead the business forward.

“Not only does he share the entrepreneurial flair that is part of R&Q’s DNA, but since joining he has demonstrated a clear ambition to further accelerate R&Q’s growth across its two core businesses and beyond.

“I would like to thank everyone at R&Q, our shareholders and the many friends and partners we have in the industry for their support over the years and I look forward to closely following R&Q’s continued progress.”