Acquisition

RNS Number : 1022G

Randall & Quilter Inv Hldgs PLC

03 June 2013

 



Randall & Quilter Investment Holdings plc

Acquisition

3 June 2013

Randall & Quilter Investment Holdings plc ('R&Q' or the 'Group') is pleased to announce that it has successfully closed the acquisition of the entire share capital (save for four shares, representing 0.0038% of the issued share capital) of La Réassurance Intercontinentale ('La RI'), a French domiciled insurer, from MMA IARD Assurances Mutuelles (MMA) and has also assumed further legacy reinsurance obligations, and associated assets, in run-off from MMA, for a net consideration of €200,000.

La RI has been in run-off since 2010 and comprises mainly of third party reinsurance business with net reserves of c. €4.1m as at 31 December, 2012 and an adjusted Net Asset Value of c. €1.8m as at 31 December, 2012 (the date of the latest available audited accounts). The consideration, payable by Randall & Quilter in cash from existing resources is €1.5m.

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

"We are pleased to have successfully concluded the acquisition of La RI and to have found a solution for the reinsurance of legacy portfolios in France. This is our second insurance investment in France and we look forward to future similar opportunities across Continental Europe".

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Enquiries to:

Randall & Quilter Investment Holdings plc		www.rqih.co.uk
Tom Booth		Tel: [phone]
	FTI Consulting
	Edward Berry Tom Blackwell		Tel: [phone] Tel: [phone]

Notes to Editors:

Since formation, Randall & Quilter has pursued a buy and build strategy to create a comprehensive range of investment activities and services in the global non-life insurance market and is focused on the following three core areas:

·     Insurance Investments;

·     Insurance Services; and

·     Underwriting Management

The Group:

·     has a team of up to 400 insurance professionals based in the UK, USA, Bermuda, and Continental Europe with wide service capability in both the 'live' and 'run-off' market;

·     has a current portfolio of 12 insurance companies in run-off (from the UK, US and Continental Europe) with net assets of c.£91.3m as at 31 December 2012

·     owns a Bermuda Class 3A insurance company which currently supports the Group's four syndicate participations;

·     has launched Syndicate 1991 which commenced underwriting from January 1, 2013 with a Capacity of £77m for 2013, provides 'turnkey' management services to Lloyd's syndicate 1897, manages two RITC ('run-off') syndicates and owns and operates 3 MGA business units; and

·     acquires and manages a portfolio of insurance receivables, with a carrying cost of c.£6.5m as at 31 December 2012.

The Group was founded by Ken Randall, Executive Chairman and Chief Executive, and Alan Quilter, Chief Operating Officer.

 

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