14th Dec 2009 07:00
Acquisition of remaining equity interest in Goldstreet Insurance Company ('Goldstreet')
Further to the announcement on 16 November of the acquisition by Randall & Quilter Investment Holdings pls ("RQIH") of a 70.18% interest in Goldstreet, a US domiciled insurer, from Sequa Corporation, we are pleased to announce that we have agreed to acquire the remaining 29.82% interest in the company from Columbia Insurance Company.
Goldstreet has been in run-off since 1987 and comprises mainly of assumed reinsurance business with net reserves of c. $8m. The consideration payable in cash from existing resources is $6.25m for the 29.82% stake. This results in the Group paying a total consideration for Goldstreet approximately equal to the estimated net assets as at closing.
Commenting on today's announcement, Ken Randall, Chief Executive Officer of Randall & Quilter, said:
"We are pleased to have successfully concluded an agreement to acquire the remaining equity interest in Goldstreet, which serves to increase our presence in the US, where we now have 3 Group owned insurance companies."
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 |
Related Shares:
RQIH.L