Completion of Acquisition

RNS Number : 3622F

Randall & Quilter Inv Hldgs PLC

14 June 2012

 



Randall & Quilter Investment Holdings plc

Completion of Acquisition

14 June 2012

Randall & Quilter Investment Holdings plc ('R&Q' or the 'Group') is pleased to announce that following the receipt of Barbadian change of control approval, it has completed the acquisition of the entire issued share capital of Trimac Acceptance Limited ('Trimac Acceptance') and its wholly owned subsidiary, Trimac  Exit Insurance Limited, ('Trimac Exit') a Barbados domiciled captive insurer, from Trimac Investments Limited Partnership.

The outstanding liabilities have now been novated with the required collateral to a newly formed R&Q owned cell within R&Q Quest (SAC) Limited, our Group cell company in Bermuda. We will now seek to wind-up the Trimac Acceptance and Trimac Exit companies as soon as practicably possible.

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

"We are pleased to have completed this acquisition which further demonstrates our ability to provide attractive exit solutions for captive owners who have put their captives in run-off or are contemplating ceasing writing new business"

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Enquiries to:

Randall & Quilter Investment Holdings PLC               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                                                                            

Neil Doyle/Edward Berry                                              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 four core areas:

-          Insurance Investments;

-          Insurance Services;

-          Underwriting Management; and

-          Captives.

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 10 insurance companies in run-off (from the UK, US and Continental Europe) with net assets of c.£85.5m as at 31 December 2011;

-          provides 'turnkey' management services to Lloyd's syndicate 1897, manages two RITC ('run-off') syndicates and owns and operates 5 MGAs.

-           acquires and manages a portfolio of insurance receivables, with a carrying cost of c. £8.2m as at 31 December 2011;

The Group was founded by Ken Randall, Executive Chairman and Chief Executive, and Alan Quilter, Chief Operating Officer, who both have extensive experience in the industry including as Head of Regulation of Lloyd's and as Head of the Market Financial Services Group respectively.

 

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