Alliance News) - Randall & Quilter Investment Holdings Ltd said on Monday it has acquired loss-making Barbados insurance firm Distinguished Re Ltd for a nominal fee of USD1.
Following completion of the sale, Distinguished Re's net assets were USD600,000. In the year ending December 31, 2018, the reinsurer recorded a loss of USD3.4 million.
The acquisition was via Randall & Quilter's wholly owned subsidiary R&Q Re (Bermuda) Ltd.
Joint Chief Executive Roger Sellek said: "We are pleased to have completed the acquisition of Distinguished Re, providing full finality for the parent company Distinguished LLC. This acquisition marks the tenth transaction we have completed in 2019, across five jurisdictions, underlining our continuing position as a market of choice for a broad range of legacy solutions."
Shares in Randall & Quilter were trading 1.1% lower at 174.10 pence per share on Monday morning in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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R&Q Insurance (RQIH)