Last checked at 1 Apr 2014 07:59
Randall & Quilter Investment Holdings Ltd
Phoenix Purchase Agreement
1 April 2014
Further to the announcement on 27 December 2013, R&Q is pleased to announce that Phoenix Asset Management Partners Limited ("Phoenix") has now received all the necessary regulatory approvals across all jurisdictions allowing them to own more than 10% of the Company's shares. As a result, Mr Randall will sell 1,302,072 existing ordinary shares at the Placing Price to Phoenix, and this sale is expected to take place shortly, once the final documentation is completed.
- Ends -
Enquiries to:
Randall & Quilter Investment Holdings Ltd www.rqih.com
Tom Booth Tel: + 1 441 247 8330
Numis Securities Limited
Stuart Skinner/Robert Bruce (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 7269 7297
Notes to Editors:
About R&Q
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:
· provides a range of services to both the live and legacy (re)insurance markets to support growing businesses and address problematic run-off issues.
· has a team of up to 350 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 14 insurance companies and captives in run-off (from the UK, US and Continental Europe) with net assets of c.£96.4m as at 30 June 2013
· 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 £150m for 2014, 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. £8.9m as at 30 June 2013;
The Group was founded by Ken Randall, Executive Chairman and Chief Executive, and Alan Quilter, Chief Operating Officer and Deputy Group Chief Executive.
Website: http://www.rqih.com/