R&Q Insurance Regulatory News (RQIH)

Randall & Quilter Investment Holdings Ltd.

Acquisition

29 August 2013

Randall & Quilter Investment Holdings Ltd. ('R&Q' ) is pleased to announce that it has completed the acquisition of the entire issued share capital of Woodcroft Insurance Company Limited ("Woodcroft"), a Guernsey domiciled captive insurer.

Woodcroft was the captive insurer for John Laing plc and has been in run-off since 2012. It wrote employer's liability, public liability and construction all risks until 2002 and wrote professional indemnity for the group in more recent years. Total claims reserves at 30 June 2013, the date of the latest available management accounts, amounted to £1.6m and the company carried a net asset value of £1.2m. Open claims relate primarily to latent disease arising from employers liability coverage.

Commenting on today's announcement, Ken Randall, Chairman and Chief Executive Officer of Randall & Quilter, said:

"The acquisition of Woodcroft continues to evidence the desire amongst captive owners to achieve closure where the captive is no longer underwriting yet faces a lengthy run-off from long tail liabilities. We are pleased to have provided this exit to John Laing plc and are talking to a number of other corporates wishing to sell their captive or simply dispose of unwanted years to streamline their captive operation."

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Notes to Editors:

Since formation, Randall & Quilter has pursued a buy and build strategy to create a comprehensive range of investment activities and services in the global non-life insurance market and is focused on the following three core areas:

· Insurance Investments;

· Insurance Services; and

· Underwriting Management

The Group:

· has a team of up to 400 insurance professionals based in the UK, USA, Bermuda, and Continental Europe with wide service capability in both the 'live' and 'run-off' market;

· has a current portfolio of 12 insurance companies in run-off (from the UK, US and Continental Europe) with net assets of c.£91.3m as at 31 December 2012

· owns a Bermuda Class 3A insurance company which currently supports the Group's four syndicate participations;

· has launched Syndicate 1991 which commenced underwriting from January 1, 2013 with a Capacity of £77m for 2013, provides 'turnkey' management services to Lloyd's syndicate 1897, manages two RITC ('run-off') syndicates and owns and operates 3 MGA business units; and

· acquires and manages a portfolio of insurance receivables, with a carrying cost of c.£6.5m as at 31 December 2012.

The Group was founded by Ken Randall, Executive Chairman and Chief Executive, and Alan Quilter, Chief Operating Officer.