Randall & Quilter Inv Hldgs Ltd Acquisition (9287D)
July 01 2019 - 1:00AM
UK Regulatory
TIDMRQIH
RNS Number : 9287D
Randall & Quilter Inv Hldgs Ltd
01 July 2019
Randall & Quilter Investment Holdings Ltd.
Acquisition
1 July 2019
Randall & Quilter Investment Holdings Ltd. ('R&Q' or
'the Group') is pleased to announce that its wholly owned
subsidiary, Randall & Quilter II Holdings Limited, has signed
an agreement to acquire, subject to regulatory approval from the
Bermuda Monetary Authority ("BMA"), the entire issued share capital
of Sandell Holdings Limited ('SHL') ('the Company') along with its
100% owned subsidiary Sandell Re Limited ('SRL) which was
incorporated in Bermuda in 2014, and was licensed as a Class 3A
segregated account company by the BMA in February 2015, to write
all classes of general business insurance and reinsurance.
The residual liabilities comprise primarily of contractor's
liability exposures arising in the US. SRL had net technical
reserves of $48.3m as at 31 December 2018. The cash consideration
payable at closing by R&Q is $25m with further amounts payable
subject to certain conditions being met. This represents a discount
to the Company'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 agreed terms
to acquire SHL and its subsidiary Sandell Re. This is another
sizeable acquisition for R&Q following on from our recent
completion of the Global Re deal. R&Q takes pride in providing
finality for owners and we expect to announce a number of
additional acquisitions during the rest of this year."
-Ends-
Randall & Quilter Investment Holdings
Ltd.
Ken Randall Tel: 0207 780 5945
Numis Securities Limited (Nominated Adviser)
Stuart Skinner Tel: 020 7260 1000
Charles Farquhar Tel: 020 7260 1000
Shore Capital Stockbrokers Limited
Stephane Auton/James Thomas Tel: 020 7408 4090
FTI Consulting Tel: 020 3727 1046
Edward Berry/Tom Blackwell
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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END
ACQURUSRKAANOAR
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