Acquisition

14 Dec 2009 07:00



Acquisition of remaining equity interest in Goldstreet Insurance Company ('Goldstreet')

Further to the announcement on 16 November of the acquisition by Randall & Quilter Investment Holdings pls ("RQIH") of a 70.18% interest in Goldstreet, a US domiciled insurer, from Sequa Corporation, we are pleased to announce that we have agreed to acquire  the remaining 29.82% interest in the company from Columbia Insurance Company. 

Goldstreet has been in run-off since 1987 and comprises mainly of assumed reinsurance business with net reserves of c. $8m. The consideration payable in cash from existing resources is $6.25m for the 29.82% stake. This results in the Group paying a total consideration for Goldstreet approximately equal to the estimated net assets as at closing. 

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

"We are pleased to have successfully concluded an agreement to acquire the remaining equity interest in Goldstreet, which serves to increase our presence in the US, where we now have 3 Group owned insurance companies."

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