Sale of R&Q Marine Services to Hiscox Ltd confirmed
Insurance group, Hiscox Ltd has bought Randall & Quilter Marine Services, a sale that the insurance firm believes complements its existing services.…
March 2 confirmed the sale of underwriting agency, Randall & Quilter Marine Services (RQMS), to Bermuda-headquartered Insurance group, Hiscox Ltd for £7.375m.
In a recent statement, R&Q said its sale is part of the “targeted disposal strategy referred to in the group's November trading update, which will enable the group to focus on its core strengths.”
R&Q said that following a full evaluation process, “the board determined that the growth potential and value of the business is significantly greater for a large established underwriting group than for the group itself. This has been reflected in an offer for the business, which the board believes, delivers the best value for shareholders.”
According to Hiscox Ltd, the business was bought for £7.375m plus an earn-out payable in 12 months' time. The sale of high-net-worth managing general agent (MGA) Synergy, was also meant to be included in the sale. However, the two parties were unable to agree on terms and this fell through.
James de Labillière of Hiscox Ltd, commented on the sale, explaining, “R&Q Marine Services, which now operates under Hiscox MGA Ltd, is a good business with strong brands in Yachtsure, Yachtsure24 and Marinasure.”
He added that the sale, “complements our existing capabilities in the high-net-worth space and fits naturally with our long-standing strategy of growing a balanced portfolio of specialist insurance businesses.”
Labillière concluded, “by combining the team’s extensive knowledge and experience with our scale and distribution, both new and existing customers will benefit from the products and expertise on offer.”
In a recent statement, R&Q said its sale is part of the “targeted disposal strategy referred to in the group's November trading update, which will enable the group to focus on its core strengths.”
R&Q said that following a full evaluation process, “the board determined that the growth potential and value of the business is significantly greater for a large established underwriting group than for the group itself. This has been reflected in an offer for the business, which the board believes, delivers the best value for shareholders.”
According to Hiscox Ltd, the business was bought for £7.375m plus an earn-out payable in 12 months' time. The sale of high-net-worth managing general agent (MGA) Synergy, was also meant to be included in the sale. However, the two parties were unable to agree on terms and this fell through.
James de Labillière of Hiscox Ltd, commented on the sale, explaining, “R&Q Marine Services, which now operates under Hiscox MGA Ltd, is a good business with strong brands in Yachtsure, Yachtsure24 and Marinasure.”
He added that the sale, “complements our existing capabilities in the high-net-worth space and fits naturally with our long-standing strategy of growing a balanced portfolio of specialist insurance businesses.”
Labillière concluded, “by combining the team’s extensive knowledge and experience with our scale and distribution, both new and existing customers will benefit from the products and expertise on offer.”
Profile links
R&Q Marine Services (Yachtsure24)
Click here to become part of The Superyacht Group community, and join us in our mission to make this industry accessible to all, and prosperous for the long-term. We are offering access to the superyacht industry’s most comprehensive and longstanding archive of business-critical information, as well as a comprehensive, real-time superyacht fleet database, for just £10 per month, because we are One Industry with One Mission. Sign up here.
