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LONDON (Alliance News) - Specialist insurer Hiscox Ltd Wednesday confirmed a preliminary deal to acquire managing general agent R&Q Marine Services Ltd and the business of Synergy Insurance Services (UK) Ltd from Randall & Quilter Investment Holdings Ltd for an undisclosed sum.
According to Hiscox, R&Q Marine Services, an underwriting agency specialising in yachts and the general marine leisure industry, had GBP17 million of gross written premium in 2014, while Synergy, a specialist high-net-worth insurance provider, had a book of high-value household and motor business amounting to GBP6 million of gross written premium.
"This agreement is in line with Hiscox?s long-standing strategy of growing a balanced portfolio of specialist insurance businesses and will complement its existing capabilities in the high-net-worth space. It is Hiscox's intention to bring these businesses under the Hiscox brand and where appropriate to continue to underwrite them as an MGA on behalf of Hiscox and other carriers," Hiscox said in a statement.
The agreement, subject to due diligence and contract, is part of Randall & Quilter's move to make a small number of business and asset disposals in the UK and the US in order to tighten its focus.
"These disposals do not signal any major change in direction for the group and are designed to ensure there is greater focus on the group's core strengths," Randall & Quilter said in a statement.
The deal is expected to complete within the first quarter, according to Randall & Quilter.
Hiscox shares were up 0.1% at 736.68 pence on Wednesday, while Randall & Quilter shares were untraded at 122.50 pence on Tuesday.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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