Acquisition

RNS Number : 9385K

Randall & Quilter Inv Hldgs Ltd

06 January 2016

 

Randall & Quilter Investment Holdings Ltd.

Acquisition of FNF Title Insurance Company Limited

6 January 2016

Randall & Quilter Investment Holdings Ltd. ('R&Q') is pleased to announce that on 15th December the Malta Financial Services Authority (MFSA) granted the change of control approval for the acquisition of FNF Title Insurance Company Limited (FNF), a Maltese subsidiary of Fidelity National Title Group in the USA.  Moreover, on 29th December the MFSA approved the transfer of the insurance business from FNF to R&Q Insurance (Malta) Limited.  FNF will now be de-authorised and liquidated.

Paul Corver, Head of M&A (UK/Europe) at R&Q commented "We are delighted to have completed another transfer of legacy business into our Maltese consolidation vehicle.  We have a healthy pipeline and expect further transactions to complete in the coming months."

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 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 core 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;

·      has a team of 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 £114.5m as at 30 June 2015;

·      owns an admitted P&C Insurer, A- rated by AM Best, with licenses throughout the US; owns a Bermuda Class 3A insurance company which currently supports the Group's syndicate participations;

·      launched Syndicate 1991, which commenced underwriting from January 1, 2013 and has an agreed capacity of £150m for 2015, manages one RITC ('run-off') syndicate, 3330, and owns and operates 2 MGA business units;

·      acquires and manages a portfolio of insurance receivables, with a carrying cost of £12.7m as at 30 June 2015, of which R&Q holds a 50% interest

The Group was founded by Ken Randall and Alan Quilter in 1991.

Website: www.rqih.com

 

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