Chairman Ken Randall says TNF acquisition demonstrates its firepower to clinch European deals
Randall & Quilter has signed an agreement to acquire the entire issued share capital of FNF Title Insurance Company Ltd (FNF), a Maltese subsidiary of Fidelity National Title Group in the USA.
FNF was licensed in 2012 and provided protection to policyholders for breach of covenants in property transactions, for chancel repair insurance and for rights of way and rights of light.
FNF predominantly wrote business in the UK but also Poland and the Czech Republic and ceased underwriting in 2014.
Chairman and chief executive Ken Randall said: “We are delighted to have entered into this agreement to acquire FNF Title Insurance Company Ltd.
”This transaction continues to demonstrate our ability to attract and execute deals across Europe and further build our consolidation vehicle in Malta. This is one of a number of European transactions where the main driver appears to be exit ahead of Solvency II. This new risk based capital regime continues to provide opportunities for us across the EU.”
The deal is subject to change of control approval from the Malta Financial Services Authority (MFSA).
Once the MFSA has given the green light, FNF will transfer into R&Q’s EU consolidator company, R&Q Insurance (Malta) Ltd.