Ken Randall has stepped down as group chief executive officer of Bermudian-based Randall & Quilter Investment Holdings.

The London Stock Exchange-listed non-life legacy insurance investor said Mr Randall would continue to work with the company in the role of executive chairman.

R&Q’s board has also appointed Roger Sellek as a director. Dr Sellek and Alan Quilter will be appointed to the newly created positions of joint chief executive officers, the company said.

Dr Sellek will be based in Bermuda, subject to Department of Immigration approvals. R&Q’s head office is in the FB Perry Building on Church Street, Hamilton.

After Dr Sellek’s appointment, the R&Q board will comprise four executive directors, Ken Randall, Alan Quilter, Mark Langridge and Roger Sellek, and four non-executive directors, Michael Smith, Alastair Campbell, Phil Barnes and Jo Fox.

Mr Quilter, a chartered accountant, jointly founded the business with Mr Randall in 1991 and is the group chief financial officer.

Dr Sellek joins R&Q from AM Best, the credit-rating agency focused on the insurance sector, where he was CEO with responsibility for the group’s worldwide activities outside the Americas. He was with AM Best for 12 years, initially based in London and later relocating to Singapore in 2015.

Before joining AM Best, Dr Sellek held senior roles within the Corporation of Lloyd’s, providing leadership across a range of areas including the development and implementation of key initiatives such as Risk-Based Capital and Realistic Disaster Scenarios as well as the modelling of Lloyd’s Central Fund adequacy.

He was also responsible for delivery of the initial credit ratings for the Lloyd’s Market. As commercial director at Lloyd’s from 2000, he was responsible for the market’s strategic business relationships with its investor base, brokers, the rating agencies and the financial-analyst community.

Dr Sellek first entered the world of insurance when he joined a predecessor company of R&Q in 1993 where he was involved in a number of important projects, notably in relation to the formation of Equitas.

In his new role at R&Q, Dr Sellek will be jointly responsible with Mr Quilter for the efficient and effective running of the group’s business and will have direct management responsibility for a number of the group’s business activities.

Mr Randall said: “Succession planning has been high on the board’s agenda and, with the continued development of R&Q’s business, it’s time to add further strength to our senior leadership team and for me to step back from day-to-day operations.

“Alan founded the business with me nearly 30 years ago and has played a key part in the growth of the business. He will retain oversight of the group’s financial and investment management activities.

“Roger has been known to the group for many years and I am delighted to welcome him back to R&Q after an absence of more than 25 years. Subject to confirmation of necessary work and residence permits, Dr Sellek will initially be based in Bermuda, where the Group is domiciled.”

Dr Sellek said: “Ken Randall persuaded me to enter the insurance industry from academia many years ago and I’m delighted to have the opportunity now to be able to work with Ken, Alan and Mark. R&Q has evolved to become a major force in its chosen sectors of the insurance industry and I am very much relishing the opportunity to contribute to its continuing growth as part of the leadership team.”