Randall & Quilter Investment Holdings PLC Acquisition
Randall & Quilter Investment Holdings plc ('R&Q' or the 'Group') is pleased to announce that it has completed the acquisition of the entire issued share capital of NFIL*, a Guernsey domiciled captive insurer.
NFIL has been in run-off since 2007 and wrote employer's liability, property and motor third party risks. There are however no open property or motor third party claims and net reserves relating to employer's liability claims were c. £262k as at 29 February, 2012, the date of the latest available management accounts. The Net Asset Value based on the same management accounts is estimated at c. £1.0m. The consideration, payable by Randall & Quilter in cash from existing resources is £706k.
Commenting on today's announcement, Ken Randall, Chairman and Chief Executive Officer of Randall & Quilter, said:
"The acquisition of NFIL is further proof of the heightened acquisition activity we are seeing as a Group. It also demonstrates our ability to provide attractive exit solutions for captive owners who have put their captives in run-off or are contemplating ceasing writing new business. Following this acquisition, we have two owned captives in run-off in Guernsey and will therefore seek to optimise operational and capital efficiency, subject to regulatory approval. "