Completion of Transaction

RNS Number : 1243Y

Randall & Quilter Inv Hldgs Ltd

27 November 2014

 

Randall & Quilter Investment Holdings Ltd.

Completion of Transaction 

27 November 2014

The Board of Randall & Quilter (AIM: RQIH) is pleased to announce completion of the merger of a wholly owned subsidiary of the Group and Accredited Holding Corporation. This follows receipt of consent from the Florida Office of Insurance Regulation. Accredited Holdings is the holding company for Accredited Surety and Casualty Company, a Florida domiciled specialist insurer with active licenses in 49 US states. The terms of the deal are as outlined in the announcement of 4 July 2014.

Ends

Enquiries to:

Randall & Quilter Investment Holdings Ltd.	www.rqih.com
Tom Booth	Tel: [phone]
Numis Securities Limited
Stuart Skinner/Robert Bruce (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 350 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 £110.7m as at 30 June 2014;

·      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 with a capacity of £150m for 2014, manages one RITC ('run-off') syndicate, 3330, and owns and operates 3 MGA business units;

·      acquires and manages a portfolio of insurance receivables, with a carrying cost of £10.6m as at 30 June 2014.

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

Website: www.rqih.com

 

END

 

 

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