Procurement News Notice |
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| PNN | 10089 |
| Work Detail | Randall & Quilter Investment Holdings (R&Q) has agreed to acquire The Royal London General Insurance Company (RLGI) from The Royal London Mutual Insurance Society £11.9m. RLGI is a UK non-life insurance company in run-off. It underwrote non-life insurance from 1985 to 1999. The agreed purchase price represents a small discount to RLGI’s net assets of £13.5m as at the end of last year. RLGI reported a profit before tax of £0.8m for the year ended 31 December 2015. After securing regulatory approval, RLGI will be transferred to the business to R&Q Insurance (Malta) Limited under Part VII of the 2000 Financial Services and Markets. R&Q expects to complete the process by the end of 2017. R&Q chairman and CEO Ken Randall 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 an other development, R&Q transferred the business of Aegon Insurance Company (UK) to R&Q Insurance (Malta). The AIC business transferred to RQIM is said to be further proof of the concept of consolidating the run-off of long term liabilities. AIC, a general insurer has been in run-off since 1994 and was acquired by the Guardian Assurance Group (GA) in 2002. |
| Country | United Kingdom , Northern Europe |
| Industry | Financial Services |
| Entry Date | 15 Oct 2016 |
| Source | http://lifeinsuranceandpensions.insurance-business-review.com/news/randall-quilter-to-buy-royal-london-general-insurance-company-090916-5000851 |
