RQIH26 Nov 2012 11:33
26 November 2012
Randall & Quilter Investment Holdings plc ('R&Q' or the 'Group') is pleased to announce that, subject to change of control approval by the Fin-FSA, it has reached agreement to acquire the entire issued share capital of Alma Insurance Company Limited ('Alma'), a Finnish domiciled reinsurer, from Tapiola General Mutual Insurance Company.
Alma has been in run-off since 1989 and comprises international reinsurance business with net reserves of c. £1.6m as at 30 September, 2012 (the date of the latest available unaudited accounts). The consideration payable by Randall & Quilter in cash from existing resources is c. £4.4m, a discount to the estimated adjusted net asset value. The business will be managed by R&Q Insurance Services Ltd.