Lloyd's business JMD acquired for around £2m
Randall & Quilter has acquired the entire share capital of JMD Specialist Insurance from BP Marsh.
The £2m deal is made up of £1.3m in cash and 650,000 existing R&Q ordinary shares held on behalf of the group's employee benefit trust.
Ken Randall, chief executive of R&Q, said: "We are pleased to have successfully concluded the acquisition of JMD, which signals a significant expansion of our service offering to active underwriting entities in the London market, especially Lloyd's.
"JMD provides a valuable service to the market by accelerating the collection of premium and allowing participants to measure their own and their partners' premium collection and claims payment efficiency."
He added: "This is particularly important in light of the impact from the market reform initiatives at Lloyd's. We plan to build on the service offering in this important yet often neglected part of the market to establish closer relationships between the R&Q group and the ‘live' underwriting market participants."
JMD chief executive John Dewen said: "We are delighted to be joining R&Q as it represents a good strategic fit for JMD.
"Our services and skills are complementary and this combination will enable us to jointly deliver services that meet the challenges and changes within the insurance industry."
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