Motor reinsurer La Licorne bought – all except one share
Randall & Quilter has bought all but on share (representing 0.0002% of the issued share capital) of La Licorne Compagnie de Reassurances, a French domiciled reinsurer in run-off since 1991, from Maaf Assurances.
La Licorne comprises mainly of third party motor reinsurance business with net reserves of €8.3m as at 31 December, 2009 and a Net Asset Value of €3.7m as at 31 December, 2008 (the date of the latest available audited accounts). The consideration, payable by Randall & Quilter in cash from existing resources is €3.2m. The business is managed by GLOBAL RE in Paris.
Ken Randall, chief executive officer of Randall & Quilter, said: "We are pleased to have successfully concluded the acquisition of La Licorne, our first insurance investment in France. This transaction is proof of the value of the strategic partnership we have developed with GLOBAL RE in Continental Europe, where local expertise and knowledge are vital."