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R&Q to acquire Sandell Holdings and reinsurance subsidiary, Sandell Re

1st July 2019 - Author: Luke Gallin

Randall & Quilter II Holdings Limited, a subsidiary of Randall & Quilter Investment Holdings Ltd. (R&Q), has announced the acquisition of Sandell Holdings Limited and its subsidiary Sandell Re Limited.

Randall & QuilterSubject to regulatory approvals from the Bermuda Monetary Authority (BMA), R&Q will acquire the entire issued share capital of both Sandell Holdings and its total return strategy reinsurance subsidiary, Sandell Re Limited.

R&Q states that the residual liabilities 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. R&Q will pay a cash consideration of $25 million upon the closing of the transaction, with further amounts payable subject to a number of closing 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.

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, the reinsurer adopted a total return strategy.

Executive Chairman of R&Q, Ken Randall, said: “We are delighted to have agreed terms to acquire SHL and its subsidiary Sandell Re. 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 owners and we expect to announce a number of additional acquisitions during the rest of this year.”

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