Vibe’s Syndicate 5678 went into run-off last year
Legacy acquirer Randall and Quilter (R&Q) has snapped up MGA Vibe’s Lloyd’s businesses, including Syndicate 5678, for £25m.
This includes Vibe Services Management Limited, Vibe Corporate Member Limited and Vibe Syndicate Management Limited, the latter being the only member of Syndicate 5678.
The syndicate was put into run-off last year after failing to attract enough interest.
R&Q will ”assume responsibility for the run-off of Syndicate 5678, which carried net insurance liabilities of £251.1 million”, it said in a statement.
Commenting, R&Q executive chairman Ken Randall said: “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.”
Syndicate 5678 was set up in 2007 and provides accident & health, financial institutions, professional indemnity, accident & health treaty, casualty treaty, property treaty, credit, surety, political risk & terrorism, North American specialty programmes and property direct & facultative.
Vibe is owned by George Soros-founded Quantum Strategic Partners, and Pine Brook Partners.