MMA IARD sells majority stake
Randall & Quilter Investment Holdings (R&Q) has bought almost all of the share capital of French insurer La Réassurance Intercontinentale (La RI).
R&Q bought the majority stake from MMA IARD Assurances Mutuelles, which will keep four shares, representing 0.0038% of the share capital.
La RI has been in run-off since 2010 and mainly comprises third-party reinsurance business with net reserves of €4.1m (£3.5M) and an adjusted net asset value of €1.8m, as of 31 December 2012 when the firm last released accounts.
R&Q chief executive Ken Randall said: “We are pleased to have found a solution for the reinsurance of legacy portfolios in France.
“This is our second insurance investment in France and we look forward to future similar opportunities across continental Europe”.
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