Acquisition of WCIC

RNS Number : 7384C

Randall & Quilter Inv Hldgs Ltd

02 October 2018

 

Randall & Quilter Investment Holdings Ltd.

Acquisition of Western Captive Insurance Company Designated Activity Company

02 October 2018

Randall & Quilter Investment Holdings Ltd. ("R&Q") is pleased to announce it has entered into an agreement to acquire Western Captive Insurance Company Designated Activity Company ("WCIC") from the Coffey Group of companies in Ireland, their Irish domiciled captive insurance company.  The acquisition is subject to receiving regulatory approval from the Central Bank of Ireland.

WCIC underwrote general and employers' liability insurance from 2007 to 2011 covering various members of the Coffey Group.  R&Q intends to transfer the business to its Maltese rated company, Accredited Insurance (Europe) Limited, subject to regulatory and Irish court approval.

Commenting on today's announcement, Ken Randall, Chairman and Chief Executive Officer of R&Q, said: "I am delighted that we have agreed the acquisition of WCIC, subject to regulatory approval, and it follows other successful deals in Ireland.  A continued soft market, pressures on capital from Solvency II and forthcoming challenges from Brexit and base erosion and profit shifting are providing increasing opportunities for R&Q to provide either complete finality or partial relief through removal of defined portfolios.  We are also especially pleased to transact with an Irish domiciled company where we are aware of further opportunities.  The acquisition continues to demonstrate the ability of R&Q to provide exit solutions for end of life captive insurance companies.  We remain excited about our legacy acquisition pipeline."

Ends

Enquiries to:

Randall & Quilter Investment Holdings Ltd. Ken Randall	www.rqih.com Tel: [phone]
Numis Securities Limited Stuart Skinner (Nominated Adviser) Charles Farquhar (Broker)	Tel: [phone] 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

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

 

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