Randall & Quilter Inv Hldgs Ltd Acquisition (0974T)

TIDMRQIH

RNS Number : 0974T

Randall & Quilter Inv Hldgs Ltd

30 December 2016

Randall & Quilter Investment Holdings Ltd.

Completion of the acquisition of The Royal London General Insurance Company Limited ("RLGI") by Randall & Quilter Investment Holdings Ltd ("R&Q")

30 December 2016

On 09 September 2016, R&Q announced the acquisition of RLGI subject to regulatory approval. R&Q is now pleased to announce that regulatory approval has been received and the transaction completed on 29 December 2016.

The Company will be managed by R&Q with the intention of undertaking a Part VII Transfer of the remaining insurance business to one of the Group's consolidation vehicles in due course, subject to the usual regulatory and Court approvals.

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

"We are pleased to have completed this transaction with The Royal London Group which removes its non-life run-off business. It continues to demonstrate the ability of R&Q to provide exit solutions for companies or portfolios in run-off and further demonstrates the attractions of R&Q's offerings to major insurance organisations."

Ends

Enquiries to:

Randall & Quilter Investment Holdings Ltd.

www.rqih.com

Tom Booth Tel: [phone]

Numis Securities Limited

Stuart Skinner (Nominated Adviser) Tel: [phone]

Charles Farquhar (Broker) Tel: [phone]

Shore Capital Stockbrokers Limited

Dru Danford / Stephane Auton Tel: [phone]

FTI Consulting

Edward Berry/Tom Blackwell Tel: [phone]

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

ACQURRURNKAUOAA

(END) Dow Jones Newswires

December 30, 2016 07:10 ET (12:10 GMT)