• Strategy
  • Innovation
  • Expertise

FAIR Acquisition

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.”

Click to download the full press release

FAIR Acquisition

Latest News

Notice of AGM and Proposed Return of Capital June 2019
Notice of AGM and Proposed Return of Capital June 2019

Following the announcement of the Group’s full year results on 29 April 2019, the Board of Randall & Quilter Investment Holdings Ltd. (AIM:RQIH) (“Company”), the specialist non-life insurance investor, service provider and underwriting manager, is pleased to confirm that a …

Directors’ Shareholding/Total Voting Rights
Directors’ Shareholding/Total Voting Rights

The Company has been notified that on 3 May 2019 Kenneth Randall, Chairman and Chief Executive Officer of the Company, sold 3,000,000 of his holding of ordinary shares in the Company. Mr Randall continues to hold 11,428,186 ordinary shares which …

Board Appointment
Board Appointment

Randall & Quilter Investment Holdings Ltd., the non-life legacy insurance investor and capacity provider of US European MGA program business, is pleased to announce the appointment of Joanne (‘Jo’) Patricia Fox to the Board as a non-executive director of the …