Sign In
6 Jan 2016 07:00
Randall & Quilter Investment Holdings Ltd.
Acquisition of FNF Title Insurance Company Limited
6 January 2016
Randall & Quilter Investment Holdings Ltd. ('R&Q') is pleased to announce that on 15th December the Malta Financial Services Authority (MFSA) granted the change of control approval for the acquisition of FNF Title Insurance Company Limited (FNF), a Maltese subsidiary of Fidelity National Title Group in the USA. Moreover, on 29th December the MFSA approved the transfer of the insurance business from FNF to R&Q Insurance (Malta) Limited. FNF will now be de-authorised and liquidated.
Paul Corver, Head of M&A (UK/Europe) at R&Q commented "We are delighted to have completed another transfer of legacy business into our Maltese consolidation vehicle. We have a healthy pipeline and expect further transactions to complete in the coming months."
Ends
Enquiries to:
| |||||||||||||||||
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;
· has a team of over 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 £114.5m as at 30 June 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 £150m for 2015, manages one RITC ('run-off') syndicate, 3330, and owns and operates 2 MGA business units;
· acquires and manages a portfolio of insurance receivables, with a carrying cost of £12.7m as at 30 June 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
Follow the stocks
