R&Q says disposal of the two high-net-worth agencies does not signal strategic shift
Hiscox has announced that it has reached an agreement with Randall & Quilter on the purchase of two of the latter’s businesses, both of which serve high net worth individuals.
The specialist Lloyd’s insurer told the London stock market this morning that preliminary agreement has been reached to acquire the R&Q Marine Services Limited (RQMS) managing general agent and Synergy Insurance Services (UK) Limited (Synergy) from Randall & Quilter Investment Holdings Ltd .
RQMS underwrites yachts and the general marine leisure industry, with business totalling £17 million of gross written premium (GWP) in 2014.
Synergy is a specialist high net worth insurance provider with a book of high value household and motor business totalling £6 million of GWP in 2014.
Hiscox said the agreement was in line with what it described as its its long-standing strategy to grow a balanced portfolio of specialist insurance businesses and will complement its capabilities in the high net worth space.
Hiscox plans to bring its new businesses under the Hiscox brand and, where appropriate, to continue to underwrite them as an MGA on behalf of Hiscox and other carriers.
Randall & Quilter said the sale of these businesses is part of the targeted disposal plan flagged up in the company’s latest trading update on 13th November 2014.
R&Q said: “These disposals do not signal any major change in direction for the group and are designed to ensure there is greater focus on the group’s core strengths.”