By Jaime Llinares Taboada

 

ACQUIRER: A wholly owned subsidiary of Randall & Quilter Investment Holdings Ltd.

SELLER: BHP Group Ltd.

TARGET: The World Marine & General Insurance Company PLC

PRICE: Not disclosed.

STATUS: Agreed, subject to regulatory approval.

RATIONALE: WMG is an insurance company of BHP. Current market conditions are causing companies to look closer at the capital tied up in their captives and BHP is one of the companies with whom R&Q is discussing exit or restructuring solutions.

QUOTATION: "This is our second executed acquisition agreement for a U.K. insurer this week, demonstrating R&Q's reputation as a counterparty of choice in the U.K. market. We are expecting to announce further transactions in the coming period," Paul Corver, Head of M&A at R&Q, said.

 

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

 

(END) Dow Jones Newswires

August 20, 2020 02:44 ET (06:44 GMT)

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