R&Q Insurance Holdings has scheduled a special general meeting for September as it called on shareholders to vote against a proposal to remove William Spiegel as executive chair and reinstate founder Ken Randall. The resolution, proposed by shareholder Phoenix Asset Management and supported by Brickell PC Insurance Holdings, claims the company has deteriorated under Spiegel\u2019s leadership.\r\n\r\nBut in documents to shareholders, runoff specialist R&Q said board support for Spiegel, who has been in the post for 18 months, is unanimous as it warned that removing Spiegel would risk losing other board members and senior management as well as derail the company\u2019s transformation plan.\r\n\r\n\u201cSpiegel\u2019s direct reports have fully endorsed his strategy. If Randall replaces Spiegel, or comes back into the business as proposed by Phoenix, then there is a very serious risk of many, if not most, of William\u2019s direct reports (including the CFO) and a number of other senior executives choosing to consider their own positions given their belief in R&Q\u2019s existing culture and strategy.\u201d\r\n\r\nR&Q said Randall\u2019s relationships with the rebel shareholders creates conflicts of interest that \u201ccould materially prejudice Randall's ability to act impartially in the best interests of all shareholders\u201d. It said Randall conducted several due diligence calls on Brickell\u2019s behalf as part of an attempted takeover earlier this year.\r\n\r\nIt added: \u201cRandall\u2019s return would be a backwards step\u201d.\r\n\r\nR&Q said Phoenix\u2019s resolution lacks \u201csound justification\u201d and reiterated its five-year strategy to turn the company into specialty insurer with a \u201ccapital lighter business\u201d and balance the company\u2019s former focus on legacy insurance. R&Q told its shareholders the company increased gross premiums by 82% to $807m for the first half of 2022 and that it is on track to deliver targets of $90m in pre-tax profit in 2024.\r\n\r\nAt R&Q\u2019s AGM last month, Spiegel registered support from 97.6% of the shareholder base, excluding Phoenix, Brickell, 777 and Randall, in his reelection as executive chair. Following the Phoenix resolution and Brickell\u2019s open letter in support of Phoenix, R&Q has received public support from shareholders Slater Investments and Vida Capital Management.\r\n\r\nThe special meeting will be held in London on 13 September 2022.