11 October, 2013
Randall & Quilter Investment Holdings Ltd (‘R&Q’ or the ‘Group’) is pleased to announce that it has acquired the entire issued share capital of Flagstone Alliance Insurance and Reinsurance Ltd (‘FAIR’), a Cyprus domiciled insurer and reinsurer, from the Validus Group.
FAIR, which commenced underwriting in 2000, went into run-off in 2010 and comprises primarily international reinsurance business with net reserves of c.$16.4m equivalent as at 30 June, 2013 (the date of the latest available unaudited accounts). The consideration payable by R&Q in cash from existing resources is c.$24.1m, a discount to the estimated adjusted net asset value of c.$28.1m.
The business will be managed by R&Q Insurance Services Ltd. and all of the assets of FAIR will be held in UK based bank and custodian accounts other than very nominal balances held to pay local expenses.
The Superintendent of Insurance in Cyprus has been informed of the transaction which is not subject to any further regulatory approvals.
Commenting on today’s announcement, Ken Randall, Chief Executive Officer of Randall & Quilter, said:
“We are delighted to have acquired FAIR from the Validus Group after an extensive due diligence process. FAIR is our largest run-off acquisition since 2006. This purchase demonstrates our commitment to seeking out legacy portfolios which meet our return and pay-back criteria. We have reported that our pipeline is active and that in addition to further captive related acquisition opportunities, we are seeing some larger sized legacy opportunities. FAIR is proof of this and we are pleased that our recent £25m fund raise has enabled us to conclude this deal. Through customary restructuring, we expect to make this acquisition both capital and operationally efficient for the Group over the near term.”
Randall & Quilter Investment Holdings Ltd. (AIM:RQIH) (the “Company”), the global program underwriting management and legacy acquisitions specialist, is pleased to announce that application has been made to the Irish Stock Exchange plc, trading as Euronext Dublin (“Euronext Dublin”) for …
Randall & Quilter Investment Holdings Ltd. (‘R&Q’) is pleased to announce that its wholly owned subsidiary Accredited Surety and Casualty Company, Inc. (‘Accredited’), the Florida domiciled insurance company that is licensed in all 50 States to write admitted business, has …
Accredited Surety & Casualty Company, Inc. (‘Accredited’), the Florida-headquartered US insurance company that is licenced to write admitted P&C business in all fifty states, has had its A.M. Best Group rating increased from VII to VIII. The group rating increase …