Acquisition

RNS Number : 9258R

Randall & Quilter Inv Hldgs PLC

26 November 2012

 



Randall & Quilter Investment Holdings plc

Acquisition

26 November 2012 

Randall & Quilter Investment Holdings plc ('R&Q' or the 'Group') is pleased to announce that, subject to change of control approval by the Fin-FSA, it has reached agreement to acquire the entire issued share capital of Alma Insurance Company Limited ('Alma'), a Finnish domiciled reinsurer, from Tapiola General Mutual Insurance Company.

Alma has been in run-off since 1989 and comprises international reinsurance business with net reserves of c. £1.6m as at 30 September, 2012 (the date of the latest available unaudited accounts). The consideration payable by Randall & Quilter in cash from existing resources is c. £4.4m, a discount to the estimated adjusted net asset value. The business will be managed by R&Q Insurance Services Ltd.

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

"We are pleased to have reached agreement to acquire Alma and it demonstrates our commitment to find new legacy portfolios which meet our return criteria. We have commented that our pipeline has grown in recent times and it is pleasing to report that this heightened activity has now resulted in a run-off company purchase alongside the recent captive acquisitions. Regulatory approval is expected to be received by year end."

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Enquiries to:

Randall & Quilter Investment Holdings PLC                 www.rqih.com

Tom Booth                                                                           Tel: [phone]

Numis Securities Limited

Stuart Skinner (Nominated Adviser)                                   Tel: [phone]

Charles Farquhar (Broker)                                                 Tel: [phone]

Shore Capital Stockbrokers Limited

Dru Danford/Stephane Auton                                             Tel: [phone]

FTI

Edward Berry                                                                      Tel: [phone]              

Notes to Editors:

The Group currently:

-     has a team of up to 400 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 portfolio of 10 insurance companies in run-off (from the UK, US and Continental Europe) with net assets of c.£85.9m as at 30 June 2012;

-     provides 'turnkey' management services to Lloyd's syndicate 1897, manages two RITC ('run-off') syndicates and owns and operates 4 MGAs.

-     acquires and manages a portfolio of insurance receivables, with a carrying cost of c. £8.1m as at 30 June 2012;

-     the Group was founded by Ken Randall, Executive Chairman and Chief Executive, and Alan Quilter, Chief Operating Officer, 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.

 

END

 

 

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