R&Q Group has acquired La Licorne Compagnie de Reassurances SA, a French reinsurer in run-off, from Maaf Assurances SA. The business is managed by Global Re in Paris.
La Licorne has been in run-off since 1991 and comprises mainly third party motor reinsurance business. It had net reserves of around €8.3 million at 31 December 2009 and a net asset value of around €3.7 million as at 31 December 2008 (the date of the latest available audited accounts). The consideration, payable by Randall & Quilter Investment Holdings in cash from existing resources, is €3.2 million.
Ken Randall, CEO of R&Q, says: ‘We are pleased to have successfully concluded the acquisition of La Licorne, our first insurance investment in France. This transaction is proof of the value of the strategic partnership we have developed with Global Re in Continental Europe, where local expertise and knowledge are vital.’