21/08/2008
One insurance run-off specialist Randall & Quilter Investment has teamed up with another, Global Re, for continental expansion.
AIM-quoted Randall & Quilter, headed by Lloyd’s veteran Ken Randall, has formed a ‘strategic partnership’ with Global Re to buy and run non-life run-off companies, which are still servicing old policies but writing no new ones, on continental Europe. Randall & Quilter, which lifted operating profits 68 per cent to £8.7 million last year, says most of the business it has acquired so far relates to North America and the London market and suggests Global’s European contacts will help it gain access to a continental non-life run-off market with outstanding liabilities of more than £150 billion.
Floated last December at 125p, Randall & Quilter shares now trade at 142.5p, valuing the company at £80 million. They should fare respectably over the longer term.
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