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Acquisition of The Royal London General Insurance Company Limited

9 September, 2016

R&Q is pleased to announce that, subject to regulatory approval, it has agreed to acquire RLGI, a UK non-life insurance company in run-off, from The Royal London Mutual Insurance Society Limited.

RLGI underwrote non-life insurance from 1985 to 1999; the remaining liabilities relate to employers’ liability originating from cover provided to SMEs. The agreed purchase price is £11.9m and represents a small discount to RLGI’s net assets of £13.5m as at year-end 2015.  The transaction will be financed from the Group’s bank facility and cash at hand.  In the year ended 31 December 2015 RLGI reported a profit before tax of £0.8m.

Once regulatory approval has been given to the acquisition, it is planned to transfer the business to R&Q Insurance (Malta) Limited under Part VII of the 2000 Financial Services and Markets Act. R&Q will target to complete this by the end of 2017.

Commenting on today’s announcement, Ken Randall, Chairman and Chief Executive Officer of R&Q, said: “We are delighted to have reached agreement to acquire RLGI and this continues to demonstrate the ability of R&Q to provide exit solutions to owners of insurance companies in run-off.  This will be the second transaction where R&Q has provided non-life legacy solutions to the life and pensions sector.  We remain excited about our legacy acquisition pipeline.”

Click here for the full Press Release

Acquisition of The Royal London General Insurance Company Limited

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