16th Nov 2009 07:00
16 November 2009
Randall & Quilter Investment Holdings plc
Acquisition of Goldstreet Insurance Company ('Goldstreet')
Further to the acquisition update included in the outlook section of the half year results announcement on 3 September 2009, Randall & Quilter Investment Holdings plc ('R&Q' or the 'Group') is pleased to announce that it has successfully closed the acquisition of 70.18% in Goldstreet, a US domiciled insurer, from Sequa Corporation.
Goldstreet has been in run-off since 1987 and comprises mainly of assumed reinsurance business with net reserves of c. $8m and a Net Asset Value of c. $9m as at 30 June, 2009. The consideration, payable in cash from existing resources is $3.375m for the 70.18% stake.
R&Q is in continuing negotiations to acquire the remaining 29.82% of Goldstreet and will provide an update on this in due course.
Commenting on today's announcement, Ken Randall, Chief Executive Officer of Randall & Quilter, said:
"We are pleased to have successfully concluded the acquisition of Goldstreet, which serves to increase our presence in the US, where we now have 3 Group owned insurance companies. The acquisition also demonstrates our ability to grow the Insurance Company Division on terms which meet our pricing criteria and is earnings enhancing for Randall & Quilter in the current financial year."
Enquiries:
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Randall & Quilter Investment Holdings plc |
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Ken Randall |
Tel: 020 7780 5945 |
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Tom Booth |
Tel: 020 7780 5895 |
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Clean Communications |
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PJ Lewis |
Tel: 07932 351 704 |
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Email: [email protected] |
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Noble & Company Limited |
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John Riddell |
Tel: 020 7763 2200 |
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Numis Securities Limited |
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Charles Farquhar |
Tel: 020 7260 1233 |
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