Randall & Quilter Investment Holdings Ltd Acquires FNF Title Insurance Company Limited
Randall & Quilter Investment Holdings Ltd. is pleased to announce that on 15th December the Malta Financial Services Authority granted the change of control approval for the acquisition of FNF Title Insurance Company Limited (FNF), a Maltese subsidiary of Fidelity National Title Group in the USA. Moreover, on 29th December the MFSA approved the transfer of the insurance business from FNF to R&Q Insurance (Malta) Limited. FNF will now be de-authorised and liquidated.
Paul Corver, Head of M&A (UK/Europe) at R&Q commented "We are delighted to have completed another transfer of legacy business into our Maltese consolidation vehicle. We have a healthy pipeline and expect further transactions to complete in the coming months."
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:
- Underwriting Management
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;has a team of over 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 £114.5m as at 30 June 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 £150m for 2015, manages one RITC ('run-off') syndicate, 3330, and owns and operates 2 MGA business units;
- acquires and manages a portfolio of insurance receivables, with a carrying cost of £12.7m as at 30 June 2015, of which R&Q holds a 50% interest