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Completion of Sale

2 March, 2015

Further to the announcement on 14 January 2015, the Board of Randall & Quilter is pleased to announce the completion of the sale to Hiscox Ltd. of R&Q Marine Services Ltd (‘RQMS’), a specialist yacht and marine trades Managing General Agent (MGA) for a total cash consideration of £9.25m of which £6.9m will be retained by the Group after minority interests. For its share, the Group will receive £5m immediately and a further £1.9m contingent on the business generating certain levels of gross written premium over the next 12 months. The consideration is materially higher than the carried value of RQMS in the Group’s latest published accounts. The Group will also retain certain surplus assets and profit commissions following the sale.

The sale of RQMS is part of the targeted disposal strategy referred to in the Group’s November trading update, which will enable the Group to focus on its core strengths. Following a full evaluation process, the Board has determined that the growth potential and value of the business is significantly greater for a large established underwriting group than for the Group itself. This has been reflected in an offer for the business which the Board believes delivers the best value for shareholders.

Mutually acceptable terms for the sale of Synergy, the high net worth focused MGA, were not reached and the Board has therefore decided to retain this business for the foreseeable future.

Click here to download the full Press Release

Completion of Sale

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