Randall & Quilter Investment Holdings has completed the acquisition of Sandell Holdings along with its 100 percent owned subsidiary, Sandell Re.
Sandell Re is incorporated in Bermuda and is licensed as a Class 3A segregated account company to write all classes of general business insurance and reinsurance.
R&Q originally revealed its agreement to purchase Sandell Holdings in July.
The residual liabilities comprise primarily of contractors’ liability exposures arising in the US. Sandell Re has net technical reserves of $48.3 million as of 31 December 2018.
The consideration payable by R&Q is $25 million with further amounts payable subject to certain conditions being met.
This represents a discount to Sandell Holdings’ 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.
On today's announcement, Ken Randall, executive chairman of R&Q, said: “We are delighted to have completed the acquisition of Sandell Holdings and its subsidiary, Sandell Re.”
He continues: “This is the second significant legacy acquisition we have completed this year, following the May acquisition of Global, and demonstrates our ability to provide exit solutions and our continuing penetration into larger deal activity.”
He added: “R&Q is well-positioned to take on books of business of this size in the future and we expect to announce further legacy acquisitions and reinsurances before the end of the year.”
