Randall & Quilter II Holdings Limited, a wholly owned subsidiary of Randall & Quilter Investment Holdings Ltd., has reached an agreement to acquire the entire issued share capital of the Vibe Group.
The agreement includes the acquisition of Vibe Services Management Limited, Vibe Corporate Member Limited, and Vibe Syndicate Management Limited.
The Vibe Group was incorporated in England & Wales in 2006 and is ultimately owned by Syndicate Holding Corp in Puerto Rico.
In December of 2019, Vibe Syndicate 5678 was placed into run-off. Vibe Services Management Limited is the sole member of Vibe Syndicate 5678, and in acquiring the Group, R&Q takes on responsibility for the run-off of the syndicate.
R&Q is set to receive a consideration of £25 million, payable in cash. According to an announcement on the deal, this represents a discount to the Vibe Group’s net assets, which were estimated to be £29.4 million as at June 30th, 2020. In the year to December 31st, 2019, the Vibe Group recorded a loss of £29.9 million.
Ken Randall, Executive Chairman of R&Q, commented: “We are delighted to have agreed terms to acquire the Vibe Lloyd’s Companies. R&Q takes pride in providing finality for owners and we are pleased to see clear evidence of increased demand for legacy solutions at Lloyd’s throughout 2020.
“While logistically it has taken longer to complete deals due to Covid 19, we are pleased to report that we have a healthy pipeline of opportunities and a number of further transactions which are nearing completion. We therefore look forward to announcing further legacy transactions over the course of the next few weeks.”
