Randall & Quilter Investment Holdings Ltd (LON:RQIH) said it has made its second legacy insurance acquisition this week with the purchase of Vibe Group for GBP25mln.
Vibe’s Syndicate 5678 was placed into run-off in December 2019 and had total net insurance liabilities of GBP251.1mln at end June 2020, while the Vibe Group overall had assets of GBP29.4mln.
In the year to December 31, 2019, the Vibe Group recorded a loss of GBP29.9 million.
In a statement Ken Randall, R&Q’s executive chairman, said: “We are delighted to have agreed terms to acquire the Vibe Lloyd’s Companies. R&Q takes pride in providing finality for owners and we are pleased to see clear evidence of increased demand for legacy solutions at Lloyd’s throughout 2020.
“While logistically it has taken longer to complete deals due to Covid 19, we are pleased to report that we have a healthy pipeline of opportunities and a number of further transactions which are nearing completion.”
R&Q completed the acquisition of Marillac Insurance for US$2.3mln on Wednesday.