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Randall & Quilter Investment Holdings (R&Q) has announced that it has acquired a Bermuda-based company while also terminating a joint venture with another company.
R&Q’s wholly owned subsidiary, Randal & Quilter II Holdings Limited, has agreed to acquire the entire issued share capital of Bermuda-based Sandell Holdings Limited (SHL), along with its subsidiary, Sandell Re Limited (SRL).
“We are delighted to have agreed terms to acquire SHL and its subsidiary Sandell Re,” said Ken Randall, executive chairman of R&Q. “This is another sizeable acquisition for R&Q following on from our recent completion of the Global Re deal. R&Q takes pride in providing finality for its owners, and we expect to announce a number of additional acquisitions during the rest of this year.”
The company has also announced the termination of a joint venture with Phoenix Asset Management Partners. In 2014, R&Q entered an arrangement with Phoenix to acquire reinsurance debt in insolvent estates. At the same time, R&Q sold the economic interest in 50% of its existing reinsurance debt assets to Phoenix.
R&Q said that while the market in such legacy debt positions is still active, pricing has become less attractive than previously. R&Q has agreed to terminate its joint venture and acquire the residual Phoenix interest in R&Q’s RQLM operations. The deal is estimated at $4.5 million based on the expected cashflow of the residual reinsurance debt recoveries.
