Randall & Quilter goes Dutch
Run-off insurance investor Randall & Quilter completed its acquisition of Dutch insurance firm Nationale-Nederlanden Internationale Schadeverzekering on Monday.
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R&Q snapped up the insurance firm from its parent company NN Group, which was transferred from the Netherlands to the UK in 2012, for an undisclosed amount.
The AIM-listed group told investors NNIS, set to be renamed R&Q Epsilon Company, would be managed by R&Q with the intention of moving the remaining insurance business to one of its consolidation vehicles.
Chairman Ken Randall said: "I am delighted that we have agreed the acquisition of NNIS and it follows other successful deals in the UK.
"The acquisition continues to demonstrate the ability of R&Q to provide exit solutions for companies in run-off and providing finality for the owners. We remain excited about our legacy acquisition pipeline".
As of 0915 GMT, R&Q shares had slipped 1.99% to 160.25p.