Randall & Quilter Acquires Flagstone Alliance
Bermuda domiciled Randall & Quilter has acquired Flagstone Alliance Insurance and Reinsurance , a Cyprus domiciled re/insurer, from the Validus Group, in a USD24.1 million deal.
FAIR, which commenced underwriting in 2000, went into run-off in 2010 and comprises primarily international reinsurance business with net reserves of c.$16.4m equivalent as at 30 June, 2013.
“FAIR is our largest run-off acquisition since 2006. This purchase demonstrates our commitment to seeking out legacy portfolios which meet our return and pay-back criteria,” Chief Executive Ken Randall said in a statement.
We have reported that our pipeline is active and that in addition to further captive related acquisition opportunities, we are seeing some larger sized legacy opportunities.
“FAIR is proof of this and we are pleased that our recent GBP25 million fund raise has enabled us to conclude this deal. Through customary restructuring, we expect to make this acquisition both capital and operationally efficient for the group over the near term,” Mr Randall added.
