Randall & Quilter’s quest for deals

Randall & Quilter, an AIM-listed insurance service provider and acquirer of solvent insurance companies in run-off, has announced the acquisition of Bermuda-based Quest Management Services, Quest (SAC) and Sentry Intermediaries, accounting and management services firms in the captive non-life insurance sector, for US$6.9 million (£4.7 million).


Randall & Quilter, an AIM-listed insurance service provider and acquirer of solvent insurance companies in run-off, has announced the acquisition of Bermuda-based Quest Management Services, Quest (SAC) and Sentry Intermediaries, accounting and management services firms in the captive non-life insurance sector, for US$6.9 million (£4.7 million).

Randall & Quilter, an AIM-listed insurance service provider and acquirer of solvent insurance companies in run-off, has announced the acquisition of Bermuda-based Quest Management Services, Quest (SAC) and Sentry Intermediaries, accounting and management services firms in the captive non-life insurance sector, for US$6.9 million (£4.7 million).

The deal will be funded through Randall & Quilter’s existing cash pool and is to include a further payment related to the Quest group of companies’ performance over the next 12 months.

According to the AIM-traded company, the deal is a “great opportunity to diversify its service provision geographically and functionally, and provides excellent opportunities for growth”.

The target companies generated pre-tax profit of $900,000 on revenues of $3.9 million for the year ended 31 December 2007.

Jerry McArthur, CEO of US & Bermuda Randall & Quilter, said: “This is a decisive step forward for us into the Bermudian insurance market. The acquisition now provides a service platform in each of the key insurance markets of Bermuda, the US and the UK, which will also enable Randall & Quilter to source run-off and debt acquisition opportunities and provide risk capital solutions to clients who are seeking to restructure their balance sheets across one or more of these markets.”

Marc Barber

Marc Barber

Marc was editor of GrowthBusiness from 2006 to 2010. He specialised in writing about entrepreneurs, private equity and venture capital, mid-market M&A, small caps and high-growth businesses.

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