Source - RNS
RNS Number : 3430J
Randall & Quilter Inv Hldgs Ltd
09 September 2016

Randall & Quilter Investment Holdings Ltd.


Acquisition of The Royal London General Insurance Company Limited ("RLGI") by Randall & Quilter Investment Holdings Ltd ("R&Q")


09 September 2016

R&Q is pleased to announce that, subject to regulatory approval, it has agreed to acquire RLGI, a UK non-life insurance company in run-off, from The Royal London Mutual Insurance Society Limited. 


RLGI underwrote non-life insurance from 1985 to 1999; the remaining liabilities relate to employers' liability originating from cover provided to SMEs. The agreed purchase price is £11.9m and represents a small discount to RLGI's net assets of £13.5m as at year-end 2015.   The transaction will be financed from the Group's bank facility and cash at hand.  In the year ended 31 December 2015 RLGI reported a profit before tax of £0.8m.


Once regulatory approval has been given to the acquisition, it is planned to transfer the business to R&Q Insurance (Malta) Limited under Part VII of the 2000 Financial Services and Markets. R&Q will target to complete this by the end of 2017.


Commenting on today's announcement, Ken Randall, Chairman and Chief Executive Officer of R&Q, said: "We are delighted to have reached agreement to acquire RLGI and this continues to demonstrate the ability of R&Q to provide exit solutions to owners of insurance companies in run-off.  This will be the second transaction where R&Q has provided non-life legacy solutions to the life and pensions sector.  We remain excited about our legacy acquisition pipeline."




Enquiries to:


Randall & Quilter Investment Holdings Ltd.

Tom Booth

Tel: +1 441 247 8330


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


Randall & Quilter pursues a buy and build strategy and has created a comprehensive range of investment activities and services in the global non-life insurance market.


R&Q is focused on the following three core areas:


·      Insurance Investments

·      Insurance Services

·      Underwriting Management


The Group:


·      provides a range of services to both the live and legacy (re)insurance markets to support growing businesses and address complex and challenging run-off issues;


·      employs close to 400 insurance professionals based in the UK, US, Bermuda, and Europe with wide service capability in both the 'live' and 'run-off' markets;


·      owns and manages a portfolio of insurance companies, both active and in run-off, in the UK, US and Europe with net assets of £123.7m as at 31 December 2015;


·      owns an admitted P&C Insurer, A- rated by AM Best, with licenses throughout the US; owns a Bermuda Class 3A insurance company which currently supports the Group's syndicate participations;


·      launched Syndicate 1991, which commenced underwriting from January 1, 2013 and has an agreed capacity of £130m for 2016, manages one RITC ('run-off') syndicate, 3330, and owns and operates an MGA platform;


·      acquires and manages a portfolio of insurance receivables, with a carrying cost of £6.0m as at 31 December 2015, of which R&Q holds a 50% interest



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




This information is provided by RNS
The company news service from the London Stock Exchange

Related Charts

Randall & Quilter Investment Holdings (RQIH)

0.00p (0.00%)
delayed 11:26AM