Randall & Quilter Inv Hldgs Ltd Acquisition (6466K)
September 23 2016 - 1:01AM
UK Regulatory
TIDMRQIH
RNS Number : 6466K
Randall & Quilter Inv Hldgs Ltd
23 September 2016
Randall & Quilter Investment Holdings Ltd.
R&Q completes acquisition of USA Swimming captive insurance
company
23 September 2016
Randall & Quilter Investment Holdings Ltd. ("R&Q") is
pleased to announce the acquisition of United States Sports
Insurance Company, LLC ("USSIC" or the "Company"); a wholly owned
captive insurer of USA Swimming, Inc. ("USAS").
The Company was incorporated originally under the laws of
Barbados in 1988 and was re-domiciled in Washington D.C. effective
December 31, 2014. The company reinsured a US insurance company
which provided coverage to USA Swimming Inc., its local swimming
committees and clubs throughout the United States from 1988 to
December 31, 2013.
USSIC, which is in run-off, had a total net asset value of $5.3m
as at 30 June 2016, adjusted for a pre-acquisition dividend. The
company generated comprehensive income of $972k for the year ended
December 31, 2015. To acquire USSIC, the total consideration paid
by R&Q was $2.1m financed by a draw down on the Group's
Revolving Credit Facility with the Royal Bank of Scotland.
The Directors of USSIC will be appointed from R&Q's existing
staff in the US and Bermuda and there are no separate service
contracts or associated remuneration.
Ken Randall, Chairman and Chief Executive Officer of R&Q,
commented "We are delighted to complete the acquisition of USSIC.
This transaction demonstrates our ongoing commitment to continue to
acquire legacy insurance assets and also continues to expand our
acquisition activity in the North America, Bermuda and the
Caribbean region".
Ends
Enquiries to:
Randall & Quilter Investment www.rqih.com
Holdings Ltd.
Tom Booth Tel: +1 441 247
8330
Numis Securities Limited
Stuart Skinner (Nominated Tel: 020 7260
Adviser) 1000
Charles Farquhar (Broker) Tel: 020 7260
1000
Shore Capital Stockbrokers Limited
Dru Danford / Stephane Auton Tel: 020 7408
4090
FTI Consulting
Edward Berry/Tom Blackwell Tel: 020 3727
1046
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;
-- employs close to 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
GBP123.7m as at 31 December 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 GBP130m 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 GBP6.0m as at 31 December 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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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