Randall & Quilter Investment Holdings Ltd. has agreed to acquire Royal London General Insurance Co., a UK non-life insurance company in run-off, from The Royal London Mutual Insurance Society Limited.
According to R&Q, RLGI underwrote non-life insurance from 1985 to 1999; the remaining liabilities relate to employers’ liability originating from cover provided to small to medium businesses. The agreed purchase price is £11.9m and represents a small discount to RLGI’s net assets of £13.5m as at year-end 2015. The transaction will be financed from the group’s bank facility and cash at hand. In the year ended December 31, 2015 RLGI reported a profit before tax of £0.8m.
Once regulatory approval has been given to the acquisition, the plan is to transfer the business to R&Q Insurance (Malta) Limited under Part VII of the 2000 Financial Services and Markets. R&Q has targeted to complete this by the end of 2017.
Topics Mergers & Acquisitions London
Was this article valuable?
Here are more articles you may enjoy.
Growing Wildfire Risk Leaves States Grappling With How to Keep Insurers From Fleeing 
Investors Are Increasingly Interested in a Novel Type of Weather Insurance 
Florida Governor Signs Wind-Mitigation Funding Bills for Homes, Condos 
Allstate Tops Profit Estimates on Higher Premiums, Investment Returns 
