(Alliance News) - Randall & Quilter Investment Holdings Ltd on Wednesday said it has agreed to acquire Inceptum Insurance Co Ltd, part of the Vibe group of companies.
Shares in Randall & Quilter, which provides finality solutions for run-off portfolios, were up 2.2% at 159.45 pence in London on Wednesday morning.
Inceptum was incorporated in England and Wales in 1998 and was placed into run-off in September 2009, before being sold in September 2011 by HSBC Group to Syndicate Holding Corp.
Vibe Syndicate Management is a Lloyd's managing agent, the principal business in a multinational reinsurance and non-life insurance group, and manages syndicate 5678 at Lloyd's. The group also includes Inceptum.
Randall & Quilter II Holdings Ltd, a wholly owned subsidiary of Bermuda-based Randall & Quilter, signed the agreement to buy Inceptum, subject to regulatory approval. Financial terms of the deal have not been disclosed.
Paul Corver, group head of Mergers & Acquisitions at Randall & Quilter, said: "We are delighted to have agreed terms to acquire Inceptum. R&Q takes pride in providing finality for owners and we are pleased to see clear evidence of increased demand for legacy solutions throughout 2020
"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."
By Anna Farley; annafarley@alliancenews.com
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