Acquisition of Goldstreet Ins

RNS Number : 5287C

Randall & Quilter Inv Hldgs PLC

16 November 2009

 



16 November 2009

Randall & Quilter Investment Holdings plc

Acquisition of Goldstreet Insurance Company ('Goldstreet')

Further to the acquisition update included in the outlook section of the half year results announcement on 3 September 2009, Randall & Quilter Investment Holdings plc ('R&Q' or the 'Group') is pleased to announce that it has successfully closed the acquisition of 70.18% in Goldstreet, a US domiciled insurer, from Sequa Corporation. 

Goldstreet has been in run-off since 1987 and comprises mainly of assumed reinsurance business with net reserves of c. $8m and a Net Asset Value of c. $9m as at 30 June, 2009. The consideration, payable in cash from existing resources is $3.375m for the 70.18% stake. 

R&Q is in continuing negotiations to acquire the remaining 29.82% of Goldstreet and will provide an update on this in due course.  

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

"We are pleased to have successfully concluded the acquisition of Goldstreet, which serves to increase our presence in the US, where we now have 3 Group owned insurance companies. The acquisition also demonstrates our ability to grow the Insurance Company Division on terms which meet our pricing criteria and is earnings enhancing for Randall & Quilter in the current financial year."

Enquiries:

Randall & Quilter Investment Holdings plc
Ken Randall	Tel: [phone]
Tom Booth	Tel: [phone]
Clean Communications
PJ Lewis	Tel: [phone]
	Email: [e-mail]
Noble & Company Limited
John Riddell	Tel: [phone]
Numis Securities Limited
Charles Farquhar	Tel: [phone]

 

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