Run-off specialist receives regulatory approval
Randall and Quilter is set to complete its acquisition of RK Carvill subsidiaries in London and USA next week.
The run-off specialist had announced on September 3, 2009 its proposal to buy Carvill & Co Ltd, Carvill America Inc and Syndicated Services Company Inc subject to regulatory approval and due diligence process.
Completion of the transaction is now expected to take place in the week commencing December 7, 2009.
In a statement to the London Stock Exchange, Randall & Quilter said: "The consideration payable by R&Q is nominal and it is anticipated that the deal will be earnings enhancing in 2010.
"The R K Carvill legacy portfolio is the first broker run-off acquired by the group and is an important development in the growth of R&Q's broker services division. As well as securing service fee income from the legacy portfolio, we anticipate that this acquisition will expand the counter party relationships of the group."
It added: "We look forward to welcoming and integrating Carvill staff into our Broker Services Division and continuing the high standards of client service for which Carvill was renowned."
No comments yet