Acquisition

RNS Number : 6408R

Randall & Quilter Inv Hldgs Ltd

04 March 2019

 

Randall & Quilter Investment Holdings Ltd.

Acquisition of Nationale-Nederlanden Internationale Schadeverzekering SE

4 March 2019

Randall & Quilter Investment Holdings Ltd ('R&Q' or 'the Group') is pleased to announce that it has completed the acquisition of the entire issued share capital of UK based Nationale-Nederlanden Internationale Schadeverzekering SE ('NNIS') ('the Company') from its owners NN Group. NNIS was transferred from the Netherlands to the UK in 2012. The residual liabilities comprise NNIS's exposures arising in relation to the Dutch Aviation Pool for years 1996 and prior. The Company will be renamed to R&Q Epsilon Company SE.

The Company will be managed by R&Q with the intention of moving the remaining insurance business to one of the Group's consolidation vehicles, subject to the usual regulatory and Court approvals, in due course.

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 NNIS and it follows other successful deals in the UK. The acquisition continues to demonstrate the ability of R&Q to provide exit solutions for companies in run-off and providing finality for the owners. We remain excited about our legacy acquisition pipeline". 

Ends

Enquiries to:

Randall & Quilter Investment Holdings Ltd. www.rqih.com Ken Randall 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

 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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