Disposal

RNS Number : 3718Q

Randall & Quilter Inv Hldgs Ltd

29 February 2016

 

Randall & Quilter Investment Holdings Ltd.

Disposal

29 February 2016

Randall & Quilter is pleased to announce the completion of the sale to Plum Underwriting Ltd. of the business of Synergy Insurance Services (UK) Limited ('Synergy'), a specialist Managing General Agent (MGA) providing a range of bespoke, specialist personal high net worth products for an undisclosed upfront cash consideration. The consideration is higher than the carried value of Synergy in the Group's latest published accounts. 

The sale of Synergy is part of the targeted disposal strategy first referred to at the end of 2014, which will enable the Group to focus on its core strengths. Following a full evaluation process, the Board has determined that the growth potential of the business is greater for a larger scale underwriting agency such as Plum with its strong existing focus on the UK and ROI home insurance market. This has been reflected in an offer for the business which the Board believes delivers the best value for shareholders.

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 £130m for 2016, 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 £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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