REG - Randall & Quilter Ld - Acquisition

R&Q Insurance HoldingsAnnouncement

20/08/2020 07:00

RNS Number : 6141W
  
Randall & Quilter Inv Hldgs Ltd
  
20 August 2020
  
 

 
 
 
Randall & Quilter Investment Holdings Ltd.
 
Acquisition of The World Marine & General Insurance Company PLC 
 
20 August 2020 
 
Randall & Quilter Investment Holdings Ltd. ('R&Q' or 'the Group') is pleased to announce that its wholly owned subsidiary, Randall & Quilter II Holdings Limited, has signed an agreement to acquire, subject to regulatory approval, the entire issued share capital of The World Marine & General Insurance Company PLC ('WMG") ('the Company') from BHP Group Limited ("BHP").
 
WMG was incorporated in England & Wales in 1894 and was purchased by BHP in 1987. BHP is a world-leading resources company which focuses on the extraction and processing of minerals, oil and gas worldwide. WMG wrote various insurance coverages since incorporation and from 1987 the Company provided insurance protection solely for the BHP Group until it was placed into run-off in 2001. 
 
Commenting on today's announcement, Paul Corver, Group Head of M&A at R&Q, said: "We are very pleased to have agreed  terms to provide an exit to BHP for their owned insurance company. BHP are one of a number of companies with whom we are discussing exit or restructuring solutions for their captives. Current market conditions are causing companies to look closer at the capital tied up in their captives and whether it can be released to distribute to the parent or recycled to support new business lines. Disposal of legacy liabilities can achieve either of these ambitions. This is our second executed acquisition agreement for a UK insurer this week, demonstrating R&Q's reputation as a counterparty of choice in the UK market. We are expecting to announce further transactions in the coming period."
 
 
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Enquiries to:



 



Randall & Quilter Investment Holdings Ltd. 


www.rqih.com 




Paul Corver 


Tel: 020 7780 5944




 
Numis Securities Limited 




Stuart Skinner (Nominated Adviser) 


Tel: 020 7260 1000 




Charles Farquhar (Broker) 


Tel: 020 7260 1000 




 
Shore Capital Stockbrokers Limited 




Stephane Auton/James Thomas 
 


Tel: 020 7408 4090 




FTI Consulting
Edward Berry/Tom Blackwell


 
Tel: 020 3727 1046



 
 







Notes to Editors:
 
 
About R&Q
 
R&Q is a non-life global specialty insurance company operating two core, highly complementary, businesses: Program Management and Legacy Insurance. Both these businesses are leaders in markets with high barriers to entry and significant secular growth opportunities.  
 
Legacy Insurance generates profits and capital extractions from expert management of legacy non-life insurance portfolios. Program Management generates commission income from its licensed (and rated) carriers in the US, EU and the UK, writing niche and profitable program business, largely on behalf of highly rated reinsurers.
 
For the financial year ended 31 December 2019 R&Q reported pre-tax profits of over £40 million.
 
Legal Entity Identifier (LEI): 2138006K1U38QCGLFC94
 
Website : www.rqih.com  
 


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