8 October, 2019
Further to its announcement on 1 July 2019, Randall & Quilter Investment Holdings Ltd. (“R&Q”) is pleased to confirm that its wholly owned subsidiary, Randall & Quilter II Holdings Limited, has completed the acquisition of Sandell Holdings Limited (“SHL”) along with its 100% owned subsidiary Sandell Re Ltd (“Sandell Re”) which is incorporated in Bermuda and is licensed as a Class 3A segregated account company to write all classes of general business insurance and reinsurance.
The residual liabilities comprise primarily of contractors’ liability exposures arising in the US. Sandell Re has net technical reserves of $48.3m as at 31 December 2018. The consideration payable by R&Q is $25m with further amounts payable subject to certain conditions being met. This represents a discount to SHL’s net assets which, at 31 December 2018, were $40.8m. In the year to 31 December 2018 SHL recorded a loss of $2.7m.
Commenting on today’s announcement, Ken Randall, Executive Chairman of R&Q, said: “We are delighted to have completed the acquisition of SHL and its subsidiary, Sandell Re. This is the second significant legacy acquisition we have completed this year, following the May acquisition of Global, and demonstrates our ability to provide exit solutions and our continuing penetration into larger deal activity.
“R&Q is well positioned to take on books of business of this size in the future and we expect to announce further legacy acquisitions and reinsurances before the end of the year.”
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Further to the Company’s announcement on 13 January 2020 (RNS number 5159Z), the Company hereby provides the attached notification, made in accordance with the requirements of the EU Market Abuse Regulation.
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