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Summary
- This is the third acquisition of a captive insurance company by R&Q this year, whose clients are spread across the North America
- However, the deal is subject to a regulatory approval
- So far this year, the company has entered into several M&As across the Europe and the US
In continuation of its strategy of acquiring smaller insurance businesses across the UK, the EU, and the US, R&Q Re announced the acquisition of a Vermont Bermuda-domiciled captive insurance company. This announcement is the third similar one in the series this year, out of 13 M&A deals completed so far.
R&Q Re is a wholly-owned subsidiary of Randall & Quilter Investment Holdings Ltd. R&Q provides services for legacy insurance and program management.
The prior deals
Prior to this deal, the company had had merged its subsidiary, Sandell Re Ltd. (“Sandell”), with Tradesman Program Managers LLC in September.
Earlier, in August this year, the company acquired The World Marine General Insurance Company Plc. In the same month it also took over the Inceptum Insurance Company Limited which was incorporated in England & Wales. August also saw the firm grabbing a 35 per cent stake in the New York based managing general agent – the Tradesman Program Managers LLC.
In June, R&O acquired the NationsBuilders Insurance Company from Washington DC, a wholly-owned subsidiary of NationsBuilders Insurance Services.
Overall, since 2009, the company has completed more than hundred merger and acquisition agreements across 35 regulatory jurisdictions across 18 different geographies. Out of these, 16 transactions were made in 2019.
The company has a total of 24 non-life insurance subsidiaries under its umbrella. It also operates through 8 consolidated vehicle units across Malta, Guernsey, The UK, The Isle of man, Oklahoma, and Bermuda.
Financial performance
The company had come out with its H1 results on 14 October. It’s pre-tax operating profit of the company for the period stood at £10.4 million, up from £8.0 million reported by the company for H1 2019, registering a growth of 30 per cent.
The pre tax profit of the company for the period stood at £0.6 million compared to £33.1 million reported for H1 2019, which is a drop of 98.2 per cent. The Investment Portfolio Book Yield of the company for the period stood at 1.8 per cent (H1 2019: 2.2 per cent).
The earnings per share of the company for the period sharply plummeted to a value of 0.4 pence (H1 2019: 19.2 pence).
The cash and investments in the books of the company as on 30 June stood at £771.8 million (end of H1 2019: £737.0 million). The NAV per share of the company was noted to be 151.5 pence on 30 June (end of H1 2019: 142.7 pence).
The company has also announced an interim distribution of 3.8 pence per share.
