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
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