Randall & Quilter Inv Hldgs Ltd Acquisition (6466K)

TIDMRQIH

RNS Number : 6466K

Randall & Quilter Inv Hldgs Ltd

23 September 2016

Randall & Quilter Investment Holdings Ltd.

R&Q completes acquisition of USA Swimming captive insurance company

23 September 2016

Randall & Quilter Investment Holdings Ltd. ("R&Q") is pleased to announce the acquisition of United States Sports Insurance Company, LLC ("USSIC" or the "Company"); a wholly owned captive insurer of USA Swimming, Inc. ("USAS").

The Company was incorporated originally under the laws of Barbados in 1988 and was re-domiciled in Washington D.C. effective December 31, 2014. The company reinsured a US insurance company which provided coverage to USA Swimming Inc., its local swimming committees and clubs throughout the United States from 1988 to December 31, 2013.

USSIC, which is in run-off, had a total net asset value of $5.3m as at 30 June 2016, adjusted for a pre-acquisition dividend. The company generated comprehensive income of $972k for the year ended December 31, 2015. To acquire USSIC, the total consideration paid by R&Q was $2.1m financed by a draw down on the Group's Revolving Credit Facility with the Royal Bank of Scotland.

The Directors of USSIC will be appointed from R&Q's existing staff in the US and Bermuda and there are no separate service contracts or associated remuneration.

Ken Randall, Chairman and Chief Executive Officer of R&Q, commented "We are delighted to complete the acquisition of USSIC. This transaction demonstrates our ongoing commitment to continue to acquire legacy insurance assets and also continues to expand our acquisition activity in the North America, Bermuda and the Caribbean region".

Ends

Enquiries to:

 
 
 Randall & Quilter Investment   www.rqih.com 
   Holdings Ltd. 
  Tom Booth                      Tel: [phone] 
                                  8330 
 
   Numis Securities Limited 
  Stuart Skinner (Nominated      Tel: [phone] 
   Adviser)                       1000 
  Charles Farquhar (Broker)      Tel: [phone] 
                                  1000 
 
   Shore Capital Stockbrokers Limited 
  Dru Danford / Stephane Auton   Tel: [phone] 
                                  4090 
  FTI Consulting 
   Edward Berry/Tom Blackwell     Tel: [phone] 
                                  1046 
 

Notes to Editors:

About R&Q

Randall & Quilter pursues a buy and build strategy and has created a comprehensive range of investment activities and services in the global non-life insurance market.

R&Q is focused on the following three core areas:

   --      Insurance Investments 
   --      Insurance Services 
   --      Underwriting Management 

The Group:

-- provides a range of services to both the live and legacy (re)insurance markets to support growing businesses and address complex and challenging run-off issues;

-- employs close to 400 insurance professionals based in the UK, US, Bermuda, and Europe with wide service capability in both the 'live' and 'run-off' markets;

-- owns and manages a portfolio of insurance companies, both active and in run-off, in the UK, US and Europe with net assets of GBP123.7m as at 31 December 2015;

-- owns an admitted P&C Insurer, A- rated by AM Best, with licenses throughout the US; owns a Bermuda Class 3A insurance company which currently supports the Group's syndicate participations;

-- launched Syndicate 1991, which commenced underwriting from January 1, 2013 and has an agreed capacity of GBP130m for 2016, manages one RITC ('run-off') syndicate, 3330, and owns and operates an MGA platform;

-- acquires and manages a portfolio of insurance receivables, with a carrying cost of GBP6.0m as at 31 December 2015, of which R&Q holds a 50% interest

The Group was founded by Ken Randall and Alan Quilter in 1991.

Website: www.rqih.com

This information is provided by RNS

The company news service from the London Stock Exchange

END

ACQUOVVRNVAKURR

(END) Dow Jones Newswires

September 23, 2016 02:01 ET (06:01 GMT)