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30 Dec 2016 12:10
Randall & Quilter Investment Holdings Ltd.
Completion of the acquisition of The Royal London General Insurance Company Limited ("RLGI") by Randall & Quilter Investment Holdings Ltd ("R&Q")
30 December 2016
On 09 September 2016, R&Q announced the acquisition of RLGI subject to regulatory approval. R&Q is now pleased to announce that regulatory approval has been received and the transaction completed on 29 December 2016.
The Company will be managed by R&Q with the intention of undertaking a Part VII Transfer of the remaining insurance business to one of the Group's consolidation vehicles in due course, subject to the usual regulatory and Court approvals.
Commenting on today's announcement, Ken Randall, Chairman and Chief Executive Officer of Randall & Quilter, said:
"We are pleased to have completed this transaction with The Royal London Group which removes its non-life run-off business. It continues to demonstrate the ability of R&Q to provide exit solutions for companies or portfolios in run-off and further demonstrates the attractions of R&Q's offerings to major insurance organisations."
Ends
Enquiries to:
Randall & Quilter Investment Holdings Ltd.
www.rqih.com
Tom Booth Tel: +1 441 247 8330
Numis Securities Limited
Stuart Skinner (Nominated Adviser) Tel: 020 7260 1000
Charles Farquhar (Broker) Tel: 020 7260 1000
Shore Capital Stockbrokers Limited
Dru Danford / Stephane Auton Tel: 020 7408 4090
FTI Consulting
Edward Berry/Tom Blackwell Tel: 020 3727 1046
Notes to Editors:
About R&Q
Randall & Quilter pursues a buy and build strategy and has created a comprehensive range of investment activities and services in the global non-life insurance market.
R&Q is focused on the following three core areas:
· Insurance Investments
· Insurance Services
· Underwriting Management
The Group:
provides a range of services to both the live and legacy (re)insurance markets to support growing businesses and address complex and challenging run-off issues;
employs close to 400 insurance professionals based in the UK, US, Bermuda, and Europe with wide service capability in both the 'live' and 'run-off' markets;
owns and manages a portfolio of insurance companies, both active and in run-off, in the UK, US and Europe with net assets of £123.7m as at 31 December 2015;
owns an admitted P&C Insurer, A- rated by AM Best, with licenses throughout the US; owns a Bermuda Class 3A insurance company which currently supports the Group's syndicate participations;
launched Syndicate 1991, which commenced underwriting from January 1, 2013 and has an agreed capacity of £130m for 2016, manages one RITC ('run-off') syndicate, 3330, and owns and operates an MGA platform;
acquires and manages a portfolio of insurance receivables, with a carrying cost of £6.0m as at 31 December 2015, of which R&Q holds a 50% interest
The Group was founded by Ken Randall and Alan Quilter in 1991.
Website: www.rqih.com
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