Randall & Quilter Inv Hldgs Ltd Acquisition of WCIC
03 October 2018 - 12:11AM
RNS Non-Regulatory
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Randall & Quilter Inv Hldgs Ltd
02 October 2018
Randall & Quilter Investment Holdings Ltd.
Acquisition of Western Captive Insurance Company Designated
Activity Company
02 October 2018
Randall & Quilter Investment Holdings Ltd. ("R&Q") is
pleased to announce it has entered into an agreement to acquire
Western Captive Insurance Company Designated Activity Company
("WCIC") from the Coffey Group of companies in Ireland, their Irish
domiciled captive insurance company. The acquisition is subject to
receiving regulatory approval from the Central Bank of Ireland.
WCIC underwrote general and employers' liability insurance from
2007 to 2011 covering various members of the Coffey Group. R&Q
intends to transfer the business to its Maltese rated company,
Accredited Insurance (Europe) Limited, subject to regulatory and
Irish court approval.
Commenting on today's announcement, Ken Randall, Chairman and
Chief Executive Officer of R&Q, said: "I am delighted that we
have agreed the acquisition of WCIC, subject to regulatory
approval, and it follows other successful deals in Ireland. A
continued soft market, pressures on capital from Solvency II and
forthcoming challenges from Brexit and base erosion and profit
shifting are providing increasing opportunities for R&Q to
provide either complete finality or partial relief through removal
of defined portfolios. We are also especially pleased to transact
with an Irish domiciled company where we are aware of further
opportunities. The acquisition continues to demonstrate the ability
of R&Q to provide exit solutions for end of life captive
insurance companies. We remain excited about our legacy acquisition
pipeline."
Ends
Enquiries to:
Randall & Quilter Investment Holdings www.rqih.com
Ltd. Tel: 020 7780 5945
Ken Randall
Numis Securities Limited
Stuart Skinner (Nominated Adviser) Tel: 020 7260 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
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
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