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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
R&q Insurance Holdings Ltd | LSE:RQIH | London | Ordinary Share | BMG7371X1065 | ORD 2P (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.30 | -11.95% | 2.21 | 2.15 | 2.27 | 2.26 | 2.26 | 2.26 | 2,967,542 | 16:35:29 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Title Insurance | 82.8M | -297M | -0.7929 | -0.03 | 8.47M |
TIDMRQIH
Randall & Quilter Inv Hldgs Ltd
02 October 2018
Randall & Quilter Investment Holdings Ltd.
Acquisition of Western Captive Insurance Company Designated Activity Company
02 October 2018
Randall & Quilter Investment Holdings Ltd. ("R&Q") is pleased to announce it has entered into an agreement to acquire Western Captive Insurance Company Designated Activity Company ("WCIC") from the Coffey Group of companies in Ireland, their Irish domiciled captive insurance company. The acquisition is subject to receiving regulatory approval from the Central Bank of Ireland.
WCIC underwrote general and employers' liability insurance from 2007 to 2011 covering various members of the Coffey Group. R&Q intends to transfer the business to its Maltese rated company, Accredited Insurance (Europe) Limited, subject to regulatory and Irish court approval.
Commenting on today's announcement, Ken Randall, Chairman and Chief Executive Officer of R&Q, said: "I am delighted that we have agreed the acquisition of WCIC, subject to regulatory approval, and it follows other successful deals in Ireland. A continued soft market, pressures on capital from Solvency II and forthcoming challenges from Brexit and base erosion and profit shifting are providing increasing opportunities for R&Q to provide either complete finality or partial relief through removal of defined portfolios. We are also especially pleased to transact with an Irish domiciled company where we are aware of further opportunities. The acquisition continues to demonstrate the ability of R&Q to provide exit solutions for end of life captive insurance companies. We remain excited about our legacy acquisition pipeline."
Ends
Enquiries to:
Randall & Quilter Investment Holdings www.rqih.com Ltd. Tel: 020 7780 5945 Ken Randall Numis Securities Limited Stuart Skinner (Nominated Adviser) Tel: 020 7260 1000 Charles Farquhar (Broker) Tel: 020 7260 1000 Shore Capital Stockbrokers Limited Dru Danford / Stephane Auton Tel: 020 7408 4090 FTI Consulting Edward Berry/Tom Blackwell Tel: 020 3727 1046
Notes to Editors:
About R&Q
The overall mission of the Bermuda based Group is to:
-- Generate profits and capital extractions from expert management of legacy non-life insurance acquisitions/reinsurances, including in Lloyd's; and
-- Grow commission income from its licensed (and rated) carriers in the US and EU/UK, writing niche and profitable program business, largely on behalf of highly rated reinsurers.
Our aim is to continue to grow sustainable profit streams to support our business model and increase book value and cash distributions to shareholders.
The Group was founded by Ken Randall and Alan Quilter in 1991.
Legal Entity Identifier (LEI): 2138006K1U38QCGLFC94
Website: www.rqih.com
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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(END) Dow Jones Newswires
October 02, 2018 10:11 ET (14:11 GMT)
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