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(Sharecast News) - Randall & Quilter Investment Holdings announced on Monday that its wholly-owned subsidiary, R&Q Re Bermuda, has completed the acquisition of Barbados insurer Distinguished Re.
The AIM-traded firm said Distinguished Re was formerly known as the Saranac Insurance Company, a wholly-owned subsidiary of Distinguished.
It said Distinguished Re participated as a reinsurer of the capacity providers on business, written through its sister company Distinguished Programs - a national insurance programme manager that provides specialised Insurance programmes to brokers and agents with specific expertise in real estate, community associations, cultural institutions, and hospitality and restaurant businesses.
Distinguished Re had net technical reserves of $19.3m following completion, and the cash consideration payable at closing by Randall & Quilter was $1
That represented a discount to Distinguished Re's net assets which, following completion, were $0.6m.
In the year to 31 December 2018, Distinguished Re recorded a loss of $3.4m.
"We are pleased to have completed the acquisition of Distinguished Re, providing full finality for the parent Distinguished," said Randall & Quilter joint chief executive officer Roger Sellek.
"The acquisition marks the tenth transaction R&Q has completed in 2019, across five jurisdictions, underlining R&Q's continuing position as a market of choice for a broad range of legacy solutions."
At 1212 GMT, shares in Randall & Quilter were up 0.28% at 176.5p.
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