Randall & Quilter Inv Hldgs Ltd Completion of acquisition (1094P)
08 October 2019 - 5:39PM
UK Regulatory
TIDMRQIH
RNS Number : 1094P
Randall & Quilter Inv Hldgs Ltd
08 October 2019
Randall & Quilter Investment Holdings Ltd.
R&Q completes acquisition of Sandell Holdings Limited
8 October 2019
Further to its announcement on 1 July 2019, Randall &
Quilter Investment Holdings Ltd. ("R&Q") is pleased to confirm
that its wholly owned subsidiary Randall & Quilter II Holdings
Limited, has completed the acquisition of Sandell Holdings Limited
("SHL") along with its 100% owned subsidiary Sandell Re Ltd
("Sandell Re") which is incorporated in Bermuda and is licensed as
a Class 3A segregated account company to write all classes of
general business insurance and reinsurance.
The residual liabilities comprise primarily of contractors'
liability exposures arising in the US. Sandell Re has net technical
reserves of $48.3m as at 31 December 2018. The consideration
payable by R&Q is $25m with further amounts payable subject to
certain conditions being met. This represents a discount to SHL'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 completed the
acquisition of SHL and its subsidiary, Sandell Re. This is the
second significant legacy acquisition we have completed this year,
following the May acquisition of Global, and demonstrates our
ability to provide exit solutions and our continuing penetration
into larger deal activity. R&Q is well positioned to take on
books of business of this size in the future and we expect to
announce further legacy acquisitions and reinsurances before the
end of the year."
Ends
Enquiries to:
Randall & Quilter Investment Holdings www.rqih.com
Ltd.
Ken Randall Tel: 020 7780 5945
Numis Securities Limited
Stuart Skinner (Nominated Adviser) Tel: 020 7260 1000
Charles Farquhar (Broker) Tel: 020 7260 1000
Shore Capital Stockbrokers Limited
Stephane Auton/James Thomas 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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