Legacy acquisition specialist Randall & Quilter Investment Holdings Ltd. announced that its wholly owned subsidiary, Randall & Quilter II Holdings Ltd., has signed an agreement to acquire, subject to regulatory approval from the Bermuda Monetary Authority, the entire issued share capital of Sandell Holdings Ltd., along with its 100% owned subsidiary Sandell Re Ltd.
Sandell Re Ltd. (SRL) was incorporated in Bermuda in 2014, and was licensed in Bermuda as a Class 3A segregated account company in February 2015, to write all classes of general business insurance and reinsurance.
The residual liabilities are comprised primarily of contractor’s liability exposures arising in the U.S. SRL had net technical reserves of $48.3 million at Dec.31, 2018. The cash consideration payable at closing by R&Q is $25 million with further amounts payable subject to certain conditions being met. This represents a discount to Sandell Holdings Ltd.’s net assets, which at Dec. 31, 2018, were $40.8 million, while the company recorded a loss of $2.7 million during the year.
Commenting on today’s announcement, Ken Randall, executive chairman of Bermuda-based R&Q, said: “We are delighted to have agreed terms to acquire SHL and its subsidiary Sandell Re. This is another sizable acquisition for R&Q following on from our recent completion of the Global Re deal. R&Q takes pride in providing finality for owners and we expect to announce a number of additional acquisitions during the rest of this year.”
Source: Randall & Quilter Investment Holdings
Topics Mergers & Acquisitions
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