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01 July 2019
Bermuda
Reporter Maria Ward-Brennan

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R&Q agrees Sandell Holdings purchase

Randall & Quilter Investment Holdings (R&Q) has agreed to purchase the entire issued share capital of Sandell Holdings and its subsidiary, Sandell Re.

Ken Randall, executive chairman of R&Q, said the company was delighted to have agreed terms to acquire SHL.

He added: “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.”

R&Q acquired Global US Holdings in 2018.

The residual liabilities comprise primarily of contractor’s liability exposures are rising in the US. Sandell has recorded net technical reserves of $48.3 million as at 31 December 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 the company’s net assets which, at 31 December 2018, were $40.8 million. In the year to 31 December, 2018 SHL recorded a loss of $2.7 million.

R&Q has also agreed to terminate the joint venture with Phoenix Asset Management Partners, which was announced on 25 November 2014, in order to acquire (re)insurance debt insolvent estates.

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