Completion of acquisition

RNS Number : 1094P

Randall & Quilter Inv Hldgs Ltd

08 October 2019

 

Randall & Quilter Investment Holdings Ltd.

R&Q completes acquisition of Sandell Holdings Limited

8 October 2019

Further to its announcement on 1 July 2019, Randall & Quilter Investment Holdings Ltd. ("R&Q") is pleased to confirm that its wholly owned subsidiary Randall & Quilter II Holdings Limited, has completed the acquisition of Sandell Holdings Limited ("SHL") along with its 100% owned subsidiary Sandell Re Ltd ("Sandell Re") which is incorporated in Bermuda and is licensed as a Class 3A segregated account company to write all classes of general business insurance and reinsurance.

The residual liabilities comprise primarily of contractors' liability exposures arising in the US. Sandell Re has net technical reserves of $48.3m as at 31 December 2018. The consideration payable by R&Q is $25m with further amounts payable subject to certain conditions being met. This represents a discount to SHL's net assets which at 31 December 2018 were $40.8m. In the year to 31 December 2018 SHL recorded a loss of $2.7m.

Commenting on today's announcement, Ken Randall, Executive Chairman of R&Q, said: "We are delighted to have completed the acquisition of SHL and its subsidiary, Sandell Re. This is the second significant legacy acquisition we have completed this year, following the May acquisition of Global, and demonstrates our ability to provide exit solutions and our continuing penetration into larger deal activity. R&Q is well positioned to take on books of business of this size in the future and we expect to announce further legacy acquisitions and reinsurances before the end of the year."

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 Stephane Auton/James Thomas 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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