Diverse insurance group Randall & Quilter Investment (R&Q) has secured $100m of new equity investment.
R&Q secured the major part of the investment from Brickell Insurance Holdings. Brickell subscribed for $80m for a new series of preferred stock issued by Randall & Quilter PS Holdings, an indirect, wholly-owned subsidiary of R&Q.
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The stock can be exchanged for shares in the capital of R&Q at £1.35 a share.
The company also brought in a $20m subscription by funds managed by Hudson Structured Capital Management for 11,902,318 new ordinary shares.
R&Q will utilise the proceeds from the investment to develop its programme management and legacy operations.
Randall & Quilter executive directors Ken Randall, Alan Quilter and William Spiegel said: “We are extremely pleased to have raised these funds. We have long been clear on the significant opportunities we see for the group in the two fast growing markets we operate in: programme management and legacy.
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By GlobalData“The equity we have secured will enable us to proactively and quickly move to capitalise on these dynamics as the market seeks the solutions R&Q is able to provide.”
Earlier this year, R&Q acquired US-based captive insurer Vigneron Insurance Company (VICI) for an undisclosed amount.
