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R&Q finalises takeover of Sandell Holdings & reinsurance subsidiary

8th October 2019 - Author: Matt Sheehan

Randall & Quilter II Holdings Limited, a subsidiary of Randall & Quilter Investment Holdings Ltd. (R&Q), has completed its acquisition of Sandell Holdings Limited along with its reinsurance subsidiary, Sandell Re Ltd.

Randall & QuilterR&Q previously announced back in July 2019 that it planned to purchase the entire issued share capital of Sandell Holdings and its total return strategy reinsurance unit.

Sandell Re is a 100% owned subsidiary of Sandell Holdings Limited, incorporated in Bermuda in 2014 and backed by a hedge fund-like asset manager.

R&Q stated that the residual liabilities involved in the deal are comprised primarily of contractor’s liability exposures arising in the U.S. As at the end of December 2018, Sandell Re had net technical reserves of $48.3 million.

The consideration payable by R&Q is $25 million with further amounts subject to certain conditions being met.

The firm states that this represents a discount on Sandell Holdings Limited’s net assets, which as of 31st December 2018, were $40.8 million. In the full-year 2018, Sandell Holdings Limited recorded a net loss of $2.7 million.

“We are delighted to have completed the acquisition of SHL and its subsidiary, Sandell Re,” said Ken Randall, Executive Chairman of R&Q.

“This is the second significant legacy acquisition we have completed this year, following the May acquisition of Global, and demonstrates our ability to provide exit solutions and our continuing penetration into larger deal activity,” he continued.

“R&Q is well positioned to take on books of business of this size in the future and we expect to announce further legacy acquisitions and reinsurances before the end of the year.”

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