Hargreaves Lansdown

Randall & Quilter agrees purchase of Bermuda captive insurance firm

Fri 27 November 2020 14:35 | A A A

No recommendation

No news or research item is a personal recommendation to deal. Hargreaves Lansdown may not share ShareCast's (powered by Digital Look) views.

(Sharecast News) - Specialty insurance company Randall & Quilter announced on Friday that its wholly-owned subsidiary R&Q Re Bermuda, has entered into a stock purchase agreement to acquire a Bermuda-domiciled captive insurance company.

The AIM-traded firm said the transaction was subject to customary closing conditions and regulatory approval.

It said R&Q Re, a class 3A reinsurer which is registered as a segregated account company, was its primary legacy vehicle in Bermuda.

The transaction provided full finality for the seller after the captive was placed into run-off.

"We are delighted to have agreed terms on the acquisition of another captive insurer," said group head of mergers and acquisitions Paul Corver.

"This continues a trend we've seen over the past six months or so where captive owners are seeking full and economic finality solutions.

"Whilst this transaction remains subject to regulatory approval, we have confidence in our ability to complete the transaction in a timely manner."

At 1258 GMT, shares in Randall & Quilter Investment Holdings were up 1.08% at 187p.

    The value of investments can go down in value as well as up, so you could get back less than you invest. It is therefore important that you understand the risks and commitments. This website is not personal advice based on your circumstances. So you can make informed decisions for yourself we aim to provide you with the best information, best service and best prices. If you are unsure about the suitability of an investment please contact us for advice.

    More AIM news from ShareCast

    No results were found