Randall & Quilter Investment Holdings has acquired the Royal London General Insurance Company (RLGI), a UK non-life insurance company in run-off.
R&Q purchased the insurance company from the Royal London Mutual Insurance Society for £11.9 million, representing a small discount to RLGI’s net assets of £13.5 million at year-end 2015.
Once the transaction has received regulatory approval, RLGI will transfer to R&Q Insurance Malta. R&Q aims to complete this by the end of 2017.
Ken Randall, chairman and CEO of R&Q, said: "We are delighted to have reached agreement to acquire RLGI and this continues to demonstrate the ability of R&Q to provide exit solutions to owners of insurance companies in run-off.”
“This will be the second transaction where R&Q has provided non-life legacy solutions to the life and pensions sector. We remain excited about our legacy acquisition pipeline.”
In R&Q’s H1 2016 results, the company revealed that it would step up its acquisitions of various insurance companies, including captives.
The report said that the transactions would range from UK insurance companies to US novations, loss portfolio transfers and the purchase of onshore and offshore US and UK captives.
