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Acquisition of La Réassurance Intercontinentale

3 June, 2013

Randall & Quilter Investment Holdings plc (‘R&Q’ or the ‘Group’) is pleased to announce that it has successfully closed the acquisition of the entire share capital (save for four shares, representing 0.0038% of the issued share capital) of La Réassurance Intercontinentale (‘La RI’), a French domiciled insurer, from MMA IARD Assurances Mutuelles (MMA) and has also assumed further legacy reinsurance obligations, and associated assets, in run-off from MMA, for a net consideration of €200,000.

La RI has been in run-off since 1991 and comprises mainly of third party reinsurance business with net reserves of c. €4.1m as at 31 December, 2012 and an adjusted Net Asset Value of c. €1.8m as at 31 December, 2012 (the date of the latest available audited accounts). The consideration, payable by Randall & Quilter in cash from existing resources is €1.5m.

Commenting on today’s announcement, Ken Randall, Chief Executive Officer of Randall & Quilter, said:

“We are pleased to have successfully concluded the acquisition of La RI and to have found a solution for the reinsurance of legacy portfolios in France. This is our second insurance investment in France and we look forward to future similar opportunities across Continental Europe”.

Click to download the full press release

Acquisition of La Réassurance Intercontinentale

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