Randall & Quilter (R&Q) Investment Holding has signed an agreement to acquire the entire share capital of FNF Title Insurance Company (FNF), a Maltese subsidiary of Fidelity National Title Group in the US.
The acquisition is subject to change of control approval from the Malta Financial Services Authority (MFSA).
FNF was licensed in 2012 and provided protection to policyholders for breach of covenants in property transactions, for chancel repair insurance and for rights of way and rights of light.
The insurance company predominantly wrote business in the UK but also Poland and Czech Republic and ceased underwriting in 2014.
The intention of the deal is to transfer the business of FNF into R&Q’s EU consolidator company, R&Q Insurance Malta.
Ken Randall, chairman and CEO of R&Q, commented: “We are delighted to have entered into this agreement to acquire FNF Title Insurance Company Limited.”
“This transaction continues to demonstrate our ability to attract and execute deals across Europe and further build our consolidation vehicle in Malta. This is one of a number of European transactions where the main driver appears to be exit ahead of Solvency II. This new risk based capital regime continues to provide opportunities for us across the EU.”
