Completion of acquisition

RNS Number : 1094P
Randall & Quilter Inv Hldgs Ltd
08 October 2019
 

 

 

Randall & Quilter Investment Holdings Ltd.

 

R&Q completes acquisition of Sandell Holdings Limited

 

8 October 2019

 

Further to its announcement on 1 July 2019, Randall & Quilter Investment Holdings Ltd. ("R&Q") is pleased to confirm that its wholly owned subsidiary Randall & Quilter II Holdings Limited, has completed the acquisition of Sandell Holdings Limited ("SHL") along with its 100% owned subsidiary Sandell Re Ltd ("Sandell Re") which is incorporated in Bermuda and is licensed as a Class 3A segregated account company to write all classes of general business insurance and reinsurance.

 

The residual liabilities comprise primarily of contractors' liability exposures arising in the US. Sandell Re has net technical reserves of $48.3m as at 31 December 2018. The consideration payable by R&Q is $25m with further amounts payable subject to certain conditions being met. This represents a discount to SHL's net assets which at 31 December 2018 were $40.8m. In the year to 31 December 2018 SHL recorded a loss of $2.7m.

 

Commenting on today's announcement, Ken Randall, Executive Chairman of R&Q, said: "We are delighted to have completed the acquisition of SHL and its subsidiary, Sandell Re. This is the second significant legacy acquisition we have completed this year, following the May acquisition of Global, and demonstrates our ability to provide exit solutions and our continuing penetration into larger deal activity. R&Q is well positioned to take on books of business of this size in the future and we expect to announce further legacy acquisitions and reinsurances before the end of the year."

 

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

Stephane Auton/James Thomas

 

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
 
 
ACQFMMGGVRDGLZG
UK 100

Latest directors dealings