Randall & Quilter II Holdings, a subsidiary of Bermuda-based specialist non-life insurance acquirer and underwriting manager Randall & Quilter Investment (R&Q), has agreed to buy Sandell Holdings and its subsidiary Sandell Re.
As per terms of the agreement, R&Q will buy the entire issued share capital of both Sandell and its wholly-owned subsidiary Sandell Re.
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R&Q said that the residual liabilities primarily include contractor’s liability exposures arising in the US.
Sandell Re had net technical reserves of $48.3m at the end of December last year.
Upon the completion of the transaction, R&Q will pay a cash consideration of $25m, with further amounts payable subject to fulfilment of several closing conditions.
Randall & Quilter said that the transaction represents a discount on Sandell Holdings’ net assets, which were $40.8m at the end of 31 December last year. Sandell posted a net loss of $2.7m for the full-year 2018.
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By GlobalDataRandall & Quilter Investment Holdings executive chairman Ken Randall, said: “We are delighted to have agreed terms to acquire SHL and its subsidiary Sandell Re.
“This is another sizeable 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.”
In April, Randall & Quilter Investment wrapped up the acquisition of Western Captive Insurance Company (WCIC) after receiving regulatory nod from the Central Bank of Ireland.
In January this year, Accredited Insurance (Europe), a wholly-owned European subsidiary of Randall & Quilter Investment, signed a new programme underwriting agreement with UK-based CPD Underwriting Solutions.
