Acquisition of ICI Insurance Company Limited

RNS Number : 3839J

Randall & Quilter Inv Hldgs Ltd

14 April 2020

 

 

Randall & Quilter Investment Holdings Ltd.

Acquisition of ICI Insurance Company Limited

14 April 2020

Randall & Quilter Investment Holdings Ltd. ('R&Q' or 'the Group') is pleased to announce that its wholly owned subsidiary, Randall & Quilter II Holdings Limited, has signed an agreement with Imperial Chemical Industries Limited to acquire the entire issued share capital of ICI Insurance Company Limited ('ICIICL').

ICIICL was incorporated in the Cayman Islands in 2003 and licensed as a Class B (i) Insurer. The residual liabilities of ICIICL comprise primarily of US Workers Compensation and General Liability claims.

Paul Corver, R&Q Group Head of M&A, commented: "We are delighted to have agreed terms to acquire ICIICL. This is another acquisition for R&Q that demonstrates the ability to assist companies in finalising legacy long tail exposures. R&Q takes pride in providing finality for captive owners either through outright acquisition or partial structured solutions such as reinsurance or novation."

Ends.

This announcement contains inside information.

Enquiries to:

Randall & Quilter Investment Holdings Limited. Paul Corver Tel: + 44 (0) 207 780 5944 Numis Securities Limited (Nominated Adviser) Stuart Skinner Tel: [phone] Charles Farquhar Tel: [phone] Shore Capital Stockbrokers Limited Stephane Auton/James Thomas Tel: [phone] FTI Consulting Edward Berry/Tom Blackwell Tel: [phone]

Notes to Editors:

About R&Q 

The overall mission of the Bermuda based Group is to:

· generate profits and capital extractions from expert management of legacy non-life insurance acquisitions/ reinsurances, including in Lloyd's; and 

· grow commission income from its licensed (and rated) carriers in the US and EU/UK, writing niche and profitable program business, largely on behalf of highly rated reinsurers.

Our aim is to continue to grow sustainable profit streams to support our business model and increase book value and cash distributions to shareholders. 

The Group was founded by Ken Randall and Alan Quilter in 1991.

Legal Entity Identifier (LEI): 2138006K1U38QCGLFC94

Website: www.rqih.com

 

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