30 December, 2011
On October 19, 2011 Randall and Quilter Investment Holdings plc (“R&Q”), the AIM listed specialist insurance investor, service provider and underwriting manager, announced the acquisition of Principle Insurance Company Limited (“Principle”), subject to change of control approavl by the FSA and certain customary pre-completion deliverables.
We are pleased to announce that on December 29, 2011, following receipt of regulatory approval from the Financial Services Authority and the aforementioned deliverables, completion of the acquisition has now taken place.
Principle has been in run-off since October 2009 and comprises almost entirely of Takaful motor insurance business with net reserves of c. £2.8m as at 30 June, 2011 and a net asset value of c. £5.1m as at 31 December 2010 (the date of the latest available audited accounts). The consideration, paid by R&Q in cash from existing resources, was £4.34m, subject to a true-up following the finalisation of the completion statement on or before 13 January 2012.
The completion of the acquisition follows shortly after the Group announced an addition to its global MGA platform, by reaching an agreement to transfer the Yacht and Marine Trades portfolio from Underwriting Risk Services Ltd (URSL), a subsidiary of Talbot Underwriting.
Commenting on today’s announcement, Ken Randall, Chief Executive Officer of Randall & Quilter, said:
“We are pleased to have completed the acquisition of Principle and look forward to deploying our specialist run off services on its niche book of Takaful motor insurance business. The shorter run-off profile of Principle is well aligned with our business model and investment approach and we remain committed to finding new legacy portfolios which meet our return criteria.”
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