Completion of Acquisition

RNS Number : 2821U

Randall & Quilter Inv Hldgs PLC

24 December 2012

 



Randall & Quilter Investment Holdings plc

Completion of Acquisition of Alma Insurance Company Limited

28 December 2012

On 26 November, 2012 Randall and Quilter Investment Holdings plc ("R&Q"), the AIM listed specialist insurance investor, service provider and underwriting manager, announced the acquisition of Alma Insurance Company Limited ("Alma"), subject to change of control approval by the Finnish Financial Services Authority ("Fin-FSA").

We are pleased to announce that on 27 December, 2012, following receipt of regulatory approval from the Fin-FSA, completion of the acquisition has now taken place.

Alma has been in run-off since 1989 and comprises international reinsurance business with net reserves of c. £1.6m as at 30 September, 2012 (the date of the latest available unaudited accounts). The consideration payable by R&Q in cash from existing resources is c. £4.4m, a discount to the estimated adjusted net asset value. The business will be managed by R&Q Insurance Services Ltd.
 

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

"We are pleased to have completed the acquisition of Alma and look forward to deploying our specialist run off services on the book. Alma is well aligned with our business model and investment approach and we remain committed to finding new legacy portfolios which meet our return criteria."

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Enquiries to:

FTI Consulting                                                                             

Edward Berry \ Tom Blackwell                                                  

Tel: [phone] \ 7222

Notes to Editors:

R&Q  

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 four core areas:

-          Insurance Investments;

-          Underwriting Management & Captives; 

-          Insurance Services.

The Group currently:

- 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 portfolio of 11 insurance companies in run-off (from the UK, US and Continental Europe) with net assets of c.£85.9m as at 30 June 2012;

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

- acquires and manages a portfolio of insurance receivables, with a carrying cost of c.£8.1m as at 30 June 2012;

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

 

END

 

 

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