Disposal

RNS Number : 7349J

Randall & Quilter Inv Hldgs Ltd

30 June 2017

 

 

Randall & Quilter Investment Holdings Ltd.

Randall and Quilter sells Norwegian service company to Gabler AS

30 June 2017

R&Q Investment Holdings Limited ("R&Q") is pleased to announce that it has sold the entire issued share capital of its Norwegian service company, R&Q Triton AS to Gabler AS.

Ken Randall, R&Q Chairman and CEO commented "The sale of Triton is part of the Group's disposal program of non-core operations. It is further evidence of our continued focus on the core activities of legacy acquisition and fee generation from the use of our licensed carriers as conduits for profitable niche insurance business to highly rated reinsurers. Triton has a strong position in the Norwegian insurance services market and we wish the team under Gabler, a local specialist better placed to grow the business, continued success."

-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 Gabler AS

Gabler AS is a specialist company in the areas of pensions, investments and insurance. The company's customers consist of many pension funds, several of Norway's largest financial institutions and businesses, municipalities and energy companies, foundations and investment companies. From its start in 1988, Gabler AS has grown to more than 110 employees, earning NOK 207 million in 2016 and delivering good results for both owners and customers.

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 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;

·      employs 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 £161m as at 31 December 2016;

·      owns an admitted P&C Insurer, A- rated by AM Best, with licenses throughout the US; owns a Bermuda Class 3A insurance company;

·      launched Syndicate 1991, which commenced underwriting from January 1, 2013 and has an agreed capacity of £127m for 2017, manages one RITC ('run-off') syndicate, 3330, and owns and operates an MGA platform;

·      acquires and manages a portfolio of insurance receivables, with a carrying cost of £5.6m as at 31 December 2016

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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