Randall & Quilter Investment Hldg : Announcement of Joint Venture

Randall & Quilter Investment Holdings Ltd.

Announcement of Joint Venture

25 November 2014

R&Q is pleased to announce that it has entered into a joint venture arrangement with Phoenix Asset Management Partners Ltd ('Phoenix'). The intention is to acquire (re)insurance debt in insolvent estates in a jointly held fund with a focus on similar assets to those which have been acquired by R&Q in its RQLM operations during recent years. This joint venture will enable the Group to access a broader range of opportunities in this investment area through greater scale. As part of the transaction, R&Q has sold the economic interest in 50% of its existing insurance debt assets to Phoenix for a consideration of up to $6.9m. This consideration is slightly ahead of the fair value of these assets at the last published Group balance sheet date of June 30, 2014.

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About R&Q

Randall & Quilter pursues a buy and build strategy and has created a comprehensive range of investment activities and services in the global non-life insurance market.

R&Q is focused on the following three core areas:

·      Insurance Investments

·      Insurance Services

·      Underwriting Management

The Group:

·      provides a range of services to both the live and legacy (re)insurance markets to support growing businesses and address complex and challenging run-off issues;

·      has a team of over 350 insurance professionals based in the UK, US, Bermuda, and Europe with wide service capability in both the 'live' and 'run-off' markets;

·      owns and manages a portfolio of insurance companies, both active and in run-off, in the UK, US and Europe with net assets of £110.7m as at 30 June 2014;

·      owns a Bermuda Class 3A insurance company which currently supports the Group's syndicate participations;

·      launched Syndicate 1991 which commenced underwriting from January 1, 2013 with a capacity of £150m for 2014, manages one RITC ('run-off') syndicate, 3330, and owns and operates 3 MGA business units;

·      acquires and manages a portfolio of insurance receivables, with a carrying cost of £10.6m as at 30 June 2014.

The Group was founded by Ken Randall and Alan Quilter in 1991.