20 November, 2015
Randall & Quilter Investment Holdings Ltd. (‘R&Q’) is pleased to announce that it has signed an agreement to acquire, subject to change of control approval from the Malta Financial Services Authority (MFSA), the entire issued share capital of FNF Title Insurance Company Limited (FNF), a Maltese subsidiary of Fidelity National Title Group in the USA.
FNF was licensed in 2012 and provided protection to policyholders for breach of covenants in property transactions, for chancel repair insurance and for rights of way and rights of light. FNF predominantly wrote business in the UK but also Poland and the Czech Republic and ceased underwriting in 2014.
Subject to the necessary regulatory approvals it is the intention to transfer the business of FNF into R&Q’s EU consolidator company, R&Q Insurance (Malta) Limited.
Commenting on today’s announcement, Ken Randall, Chairman and Chief Executive Officer of Randall & Quilter, said: “We are delighted to have entered into this agreement to acquire FNF Title Insurance Company Limited. This transaction continues to demonstrate our ability to attract and execute deals across Europe and further build our consolidation vehicle in Malta. This is one of a number of European transactions where the main driver appears to be exit ahead of Solvency II. This new risk based capital regime continues to provide opportunities for us across the EU.”
Further to the Company’s announcement on 13 January 2020 (RNS number 5159Z), the Company hereby provides the attached notification, made in accordance with the requirements of the EU Market Abuse Regulation.
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