19 September, 2018
Randall & Quilter Investment Holdings Ltd. (‘R&Q’ or ‘the Group’) is pleased to announce that its wholly owned European Insurance Company, Accredited Insurance (Europe) Limited (previously R&Q Insurance (Malta) Limited (RQIM)) has signed an agreement to acquire, subject to regulatory approval from each of the MFSA, PRA and FCA, the entire issued share capital of MPS Risk Solutions Limited (‘MPSRS’) (‘the Company’) from its owners The Medical Protection Society Limited (‘MPS’). MPSRS was formed in January 2004 as a UK authorised insurer subsidiary of MPS. It ceased active underwriting in October 2012.
The residual liabilities comprise primarily Professional Liability exposures arising in the UK. MPSRS had gross claim reserves as at 31st December 2017 amounting to £2.4m. The consideration payable by R&Q, in cash from existing resources, is £16.0m. This represents a small discount to the Company’s net assets of £17.8m. In the year to 31st December 2017 MPSRS recorded a profit before tax of £2.3m.
Commenting on today’s announcement, Ken Randall, Chairman and Chief Executive Officer of Randall & Quilter, said: “We are delighted to have agreed terms to acquire MPSRS. R&Q takes pride in assisting companies to dispose of companies in run-off and providing finality for the owners. We expect to announce a number of additional acquisitions before year-end”.
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