Source - RNS
RNS Number : 6466K
Randall & Quilter Inv Hldgs Ltd
23 September 2016
 

 

Randall & Quilter Investment Holdings Ltd.

 

R&Q completes acquisition of USA Swimming captive insurance company

 

23 September 2016

 

Randall & Quilter Investment Holdings Ltd. ("R&Q") is pleased to announce the acquisition of United States Sports Insurance Company, LLC ("USSIC" or the "Company"); a wholly owned captive insurer of USA Swimming, Inc. ("USAS").

 

The Company was incorporated originally under the laws of Barbados in 1988 and was re-domiciled in Washington D.C. effective December 31, 2014. The company reinsured a US insurance company which provided coverage to USA Swimming Inc., its local swimming committees and clubs throughout the United States from 1988 to December 31, 2013.

 

USSIC, which is in run-off, had a total net asset value of $5.3m as at 30 June 2016, adjusted for a pre-acquisition dividend. The company generated comprehensive income of $972k for the year ended December 31, 2015. To acquire USSIC, the total consideration paid by R&Q was $2.1m financed by a draw down on the Group's Revolving Credit Facility with the Royal Bank of Scotland.

 

The Directors of USSIC will be appointed from R&Q's existing staff in the US and Bermuda and there are no separate service contracts or associated remuneration.

 

Ken Randall, Chairman and Chief Executive Officer of R&Q, commented "We are delighted to complete the acquisition of USSIC. This transaction demonstrates our ongoing commitment to continue to acquire legacy insurance assets and also continues to expand our acquisition activity in the North America, Bermuda and the Caribbean region".

 

Ends

 

Enquiries to:


 

Randall & Quilter Investment Holdings Ltd.

www.rqih.com

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.

 

Website: www.rqih.com

 

 

 


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