Potential sale of Businesses

RNS Number : 0790C

Randall & Quilter Inv Hldgs Ltd

14 January 2015

 

Randall & Quilter Investment Holdings Ltd.

Potential Sale of R&Q Marine Services Ltd ('RQMS') and

  the business of Synergy Insurance Services (UK) Limited ('Synergy')

14 January 2015

The Board of Randall & Quilter is pleased to announce that preliminary agreement has been reached, subject to due diligence and contract, to sell RQMS and the business of Synergy to the Hiscox Group.  

The potential sale of these businesses is part of the targeted disposal plan mentioned in the trading update on 13th November 2014. These disposals do not signal any major change in direction for the Group and are designed to ensure there is greater focus on the Group's core strengths. 

Further updates will be made in due course as the transaction progresses. Completion is currently anticipated to be within the first quarter of 2015.

-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 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 £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, 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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