Bermudian specialist non-life re/insurance investor Randall & Quilter Investment Holdings Ltd has completed its acquisition of the entire issued share capital of Nationale-Nederlanden Internationale Schadeverzekering SE (NNIS) from its owners, NN Group.
NNIS, which will be renamed R&Q Epsilon Company SE following the acquisition, is a UK-based business that was transferred from the Netherlands in 2012.
R&Q explained that it will manage NNIS with the intention of moving the remaining insurance business to one of its consolidation vehicles, subject to regulatory approvals.
The residual liabilities comprise NNIS’s exposures arising in relation to the Dutch Aviation Pool for years 1996 and prior.
“I am delighted that we have agreed the acquisition of NNIS and it follows other successful deals in the UK,” said Ken Randall, Chairman and Chief Executive Officer of R&Q.
“The acquisition continues to demonstrate the ability of R&Q to provide exit solutions for companies in run-off and providing finality for the owners,” he continued. “We remain excited about our legacy acquisition pipeline.”
R&Q specialises in the management of legacy and non-life insurance acquisitions and reinsurance. It also writes niche program business through its carriers in the UK and EU/U.S, largely on behalf of highly rated reinsurers.