Acquisition of Rank Insurance Limited

RNS Number : 3163T

Randall & Quilter Inv Hldgs Ltd

29 March 2016

 

Randall & Quilter Investment Holdings Ltd.

Acquisition of Rank Insurance Limited ("RIL"), a Guernsey captive in run-off, by Randall & Quilter II Holdings Limited ("R&Q").

29^th March 2016

R&Q is pleased to announce it has acquired RIL, a captive company now in run-off, from Rank Overseas Holdings Limited.  Regulatory approval for the acquisition has been granted and RIL will be amalgamated into Capstan Insurance Company Limited, R&Q's consolidation vehicle in Guernsey, subject to necessary consents. 

Commenting on today's announcement, Ken Randall, Chairman and Chief Executive Officer of R&Q, said: "We are delighted to have acquired RIL and this continues to demonstrate the ability of R&Q to provide exit solutions for end of life captive insurance companies.  This is one of a number of current transactions we have been assessing and we remain excited about our legacy acquisition pipeline."

Ends

Enquiries to:
Randall & Quilter Investment Holdings Ltd. www.rqih.com Tom Booth Tel: [phone] Numis Securities Limited Stuart Skinner (Nominated Adviser) Tel: [phone] Charles Farquhar (Broker) Tel: [phone] Shore Capital Stockbrokers Limited Dru Danford / Stephane Auton Tel: [phone] FTI Consulting Edward Berry/Tom Blackwell Tel: [phone]

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;

-has a team of over 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 £114.5m as at 30 June 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 £150m for 2015, manages one RITC ('run-off') syndicate, 3330, and owns and operates 2 MGA business units;

-acquires and manages a portfolio of insurance receivables, with a carrying cost of £12.7m as at 30 June 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

Enquiries to Rank:

Sarah Powell
Director of Treasury & Investor Relations
E-mail: [e-mail]
Telephone:  [phone]

 

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