• Strategy
  • Innovation
  • Expertise

R&Q Principle Insurance Announcement

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.”

Click to download the full press release

 

R&Q Principle Insurance Announcement

Latest News

Allotment of Shares
Allotment of Shares

The Company has issued and allotted a total of 735,895 new ordinary shares of 2p each (“Ordinary Shares”) to an employee as part of their remuneration package. Application has been made to the London Stock Exchange for the admission of …

Notification pursuant to AIM Rule 17
Notification pursuant to AIM Rule 17

Notification pursuant to AIM Rule 17 comprising a notification relating to a relevant change by a significant shareholder in the Company The Company was notified on 4 October that Slater now holds an aggregate of 21,649,842 ordinary shares in the …

R&Q appoints CEO for Legacy Insurance
R&Q appoints CEO for Legacy Insurance

Randall & Quilter Investment Holdings Ltd, (AIM-RQIH) (“R&Q”), the leading non-life global specialty insurance company focusing on Program Management and Legacy Insurance businesses, is pleased to announce the appointment of Andrew (Andy) Pinkes as Global CEO of R&Q’s Legacy Insurance …