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(Sharecast News) - Randall & Quilter announced on Thursday that its wholly-owned subsidiary Randall & Quilter II Holdings has agreed to acquire, subject to regulatory approval, the entire issued share capital of Vibe Services Management, Vibe Corporate Member (VCML), and Vibe Syndicate Management (VSML).
The AIM-traded firm said the Vibe Group was incorporated in England and Wales in 2006, and was ultimately owned by Syndicate Holding Corporation in Puerto Rico.
It said the Vibe Syndicate 5678 was placed into run-off in December 2019.
VCML is the sole member of the Vibe Syndicate 5678 and in acquiring VCML, Vibe Services and VSML, Randall & Quilter said it would assume responsibility for the run-off of the syndicate, which carried net insurance liabilities of £251.1m as at 30 June.
The consideration payable by Randall & Quilter was £25m cash.
That represented a discount to the Vibe Group's net assets which, as at 30 June, were estimated to be £29.4m.
In the year ended 31 December 2019, the Vibe Group recorded a loss of £29.9m.
"R&Q takes pride in providing finality for owners and we are pleased to see clear evidence of increased demand for legacy solutions at Lloyd's throughout 2020," said executive chairman Ken Randall.
"While logistically it has taken longer to complete deals due to Covid-19, we are pleased to report that we have a healthy pipeline of opportunities and a number of further transactions which are nearing completion.
"We therefore look forward to announcing further legacy transactions over the course of the next few weeks."
At 1127 GMT, shares in Randall & Quilter Investment Holdings were up 2.03% at 176p.
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