Acquisition

RNS Number : 1798B
Randall & Quilter Inv Hldgs Ltd
19 September 2018
 

Randall & Quilter Investment Holdings Ltd.

 

 Acquisition

 

19 September 2018

 

Randall & Quilter Investment Holdings Ltd. ('R&Q' or 'the Group') is pleased to announce that its wholly owned European Insurance Company, Accredited Insurance (Europe) Limited (previously R&Q Insurance (Malta) Limited (RQIM)) has signed an agreement to acquire, subject to regulatory approval from each of the MFSA, PRA and FCA, the entire issued share capital of MPS Risk Solutions Limited ('MPSRS') ('the Company') from its owners The Medical Protection Society Limited ('MPS').  MPSRS was formed in January 2004 as a UK authorised insurer subsidiary of MPS.  It ceased active underwriting in October 2012.

 

The residual liabilities comprise primarily Professional Liability exposures arising in the UK. MPSRS had gross claim reserves as at 31st December 2017 amounting to £2.4m. The consideration payable by R&Q, in cash from existing resources, is £16.0m. This represents a small discount to the Company's net assets of £17.8m. In the year to 31st December 2017 MPSRS recorded a profit before tax of £2.3m.

 

Commenting on today's announcement, Ken Randall, Chairman and Chief Executive Officer of Randall & Quilter, said: "We are delighted to have agreed terms to acquire MPSRS. R&Q takes pride in assisting companies to dispose of companies in run-off and providing finality for the owners. "We expect to announce a number of additional acquisitions before year-end".

 

Ends

 

 



Enquiries to:

 

Randall & Quilter Investment Holdings Ltd.

www.rqih.com

Ken Randall

Tel: 020 7780 5945

 

Numis Securities Limited

Stuart Skinner (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 3727 1046

 

 


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


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
ACQUWVBRWRAKAAR
UK 100

Latest directors dealings