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Portfolio Transfer Plan agreed

10 June, 2013

Randall & Quilter Investment Holdings plc (‘R&Q’ or the ‘Group’) is pleased to announce that it has successfully agreed a Portfolio Transfer Plan (“PTP”) with Mutual Insurance Company Turva (“Turva”).  The completion is subject to formal and regulatory approvals and is expected to be received in September.  Under the PTP, Alma Insurance Company Ltd, a wholly owned subsidiary of the Group in Finland, has accepted a portfolio of run-off reinsurance contracts underwritten by Turva through Vara-Pooli.  Turva will transfer assets of €485,000 to cover the expected insurance liabilities and the expenses of the transfer.

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

“We are pleased to have successfully agreed the transfer into Alma of Turva’s share of VaraPooli and to have provided an exit solution for Turva subject to customary approvals. This is another example that demonstrates that the Group can provide a variety of solutions for companies wishing to dispose of their legacy run-off business and we look forward to future similar opportunities across Europe”.

Click to download the full press release

Portfolio Transfer Plan agreed

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