Aim listed group buys Quest Group companies
Randall & Quilter, the AIM traded insurance service provider and acquirer of solvent insurance companies in run-off, is pleased to announce that it has acquired Quest Management Services Limited, Quest (SAC) Limited and Sentry Intermediaries Limited.
The Quest Group of Companies have been acquired for a cash consideration of up to $6.9m, which includes a small deferred element linked to the results for the year ended 31 December 2009. The consideration will be satisfied through existing resources.
The Quest Group of Companies generated a profit before tax of $0.9m on revenues of $3.9m for the year ended 31st December 2007. The acquisition will be earnings enhancing to Randall & Quilter in 2009.
Jerry McArthur, chief executive, US & Bermuda of Randall & Quilter, said: "I am pleased to be able to announce the acquisition of the Quest Group of Companies. Following on from Randall & Quilter's approval from the Bermuda Monetary Authority for the registration of a Bermudian reinsurance subsidiary in 2007, this is a decisive step forward for us into the Bermudian insurance market.
"The acquisition provides Randall & Quilter with a great opportunity to diversify its service provision both geographically and functionally, and provides excellent opportunities for growth. The acquisition now provides a service platform in each of the key insurance markets of Bermuda, US and 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."
Nicholas Dove, president of the Quest Group of Companies, said: "Becoming part of a dynamic, international service organization such as Randall & Quilter is a perfect fit for Quest. It will enable us to build on our success of recent years and to offer a wider range of services to our current and future clients.
"We're looking forward to working with our new colleagues and continuing to provide the personal service to our clients that we have always prided ourselves upon."
