9 Sep 2016 07:00
Randall & Quilter Investment Holdings Ltd.
聽
Acquisition of The Royal London General Insurance Company Limited ("RLGI") by Randall & Quilter Investment Holdings Ltd ("R&Q")
聽
09 September 2016
R&Q is pleased to announce that, subject to regulatory approval, it has agreed to acquire RLGI, a UK non-life insurance company in run-off, from The Royal London Mutual Insurance Society Limited.
聽
RLGI underwrote non-life insurance from 1985 to 1999; the remaining liabilities relate to employers' liability originating from cover provided to SMEs. The agreed purchase price is 拢11.9m and represents a small discount to RLGI's net assets of 拢13.5m as at year-end 2015. The transaction will be financed from the Group's bank facility and cash at hand. In the year ended 31 December 2015 RLGI reported a profit before tax of 拢0.8m.
聽
Once regulatory approval has been given to the acquisition, it is planned to transfer the business to R&Q Insurance (Malta) Limited under Part VII of the 2000 Financial Services and Markets. R&Q will target to complete this by the end of 2017.
聽
Commenting on today's announcement, Ken Randall, Chairman and Chief Executive Officer of R&Q, said: "We are delighted to have reached agreement to acquire RLGI and this continues to demonstrate the ability of R&Q to provide exit solutions to owners of insurance companies in run-off. This will be the second transaction where R&Q has provided non-life legacy solutions to the life and pensions sector. We remain excited about our legacy acquisition pipeline."
聽
Ends
聽
Enquiries to:
聽 | |||||||||||||||||
| 聽 |
Notes to Editors:
聽
About R&Q
聽
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.
聽
R&Q is focused on the following three core areas:
聽
路 Insurance Investments
路 Insurance Services
路 Underwriting Management
聽
The Group:
聽
路 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;
聽
路 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;
聽
路 owns and manages a portfolio of insurance companies, both active and in run-off, in the UK, US and Europe with net assets of 拢123.7m as at 31 December 2015;
聽
路 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;
聽
路 launched Syndicate 1991, which commenced underwriting from January 1, 2013 and has an agreed capacity of 拢130m for 2016, manages one RITC ('run-off') syndicate, 3330, and owns and operates an MGA platform;
聽
路 acquires and manages a portfolio of insurance receivables, with a carrying cost of 拢6.0m as at 31 December 2015, of which R&Q holds a 50% interest
聽
聽
The Group was founded by Ken Randall and Alan Quilter in 1991.
聽
Website: www.rqih.com
聽