Acquisition

RNS Number : 6658K

Randall & Quilter Inv Hldgs PLC

23 April 2010

 



Date:	23 April 2010
On behalf of:	Randall & Quilter Investment Holdings plc ("Randall & Quilter" or the "Group")
For immediate release

Randall & Quilter Investment Holdings plc

Acquisition

Randall & Quilter Investment Holdings plc ('Randall & Quilter' or the 'Group') is pleased to announce that it has successfully closed the acquisition of the entire share capital (save for one share, representing 0.0002% of the issued share capital) of La Licorne Compagnie de Reassurances S.A. ('La Licorne'), a French domiciled reinsurer, from Maaf Assurances SA.

La Licorne has been in run-off since 1991 and comprises mainly of third party motor reinsurance business with net reserves of c. €8.3m as at 31 December, 2009 and a Net Asset Value of c. €3.7m as at 31 December, 2008 (the date of the latest available audited accounts). The consideration, payable by Randall & Quilter in cash from existing resources is €3.2m. The business is managed by GLOBAL RE in Paris.

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

"We are pleased to have successfully concluded the acquisition of La Licorne, our first insurance investment in France. This transaction is proof of the value of the strategic partnership we have developed with GLOBAL RE in Continental Europe, where local expertise and knowledge are vital."

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Enquiries to:

Randall & Quilter Investment Holdings plc	www.rqih.co.uk
Tom Booth	Tel: [phone]
Execution Noble & Co. Ltd. (Nominated Advisor & Joint Broker)
John Riddell	Tel: [phone]
Numis Securities Ltd (Joint Broker)
Charles Farquhar	Tel: [phone]
Redleaf Communications (Corporate PR)	r&[e-mail]
Emma Kane/ Alicia Jennings/ Laura Hudson	Tel: [phone]

Notes to Editors:

§  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 four core areas:

-    Insurance Investments;

-    Insurance Services;

-    Underwriting Management; and

-    Captives

§  The Group currently has:

-    a portfolio of 9 insurance companies in run-off (from the UK, US and Europe) with net assets of c.£61m as at 30 June 2009;

-    wide service capability in both the 'live' and 'run-off' markets

-    a team of approximately 240 insurance professionals based in the UK, USA and Bermuda; and

-    'in principle' approval by Lloyd's of London to provide 'turnkey' management services to syndicates.

§  The Group was founded by Ken Randall, Executive Chairman and Chief Executive, and Alan Quilter, Group Finance Director who both have extensive experience in the industry including as Head of Regulation of Lloyd's and as Head of the Market Financial Services Group respectively.

 

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