R&Q buys 70% of a US company in run-off
Randall & Quilter has closed the acquisition of 70.18% in Goldstreet, a US domiciled insurer, from Sequa Corporation.
Goldstreet has been in run-off since 1987 and comprises mainly of assumed reinsurance business with net reserves of $8m and a Net Asset Value of $9m as at 30 June 2009. The consideration, payable in cash from existing resources is $3.375m for the 70.18% stake.
R&Q is in talks to acquire the remaining 29.82% of Goldstreet.
“We are pleased to have successfully concluded the acquisition of Goldstreet, which serves to increase our presence in the US, where we now have 3 Group owned insurance companies," said Ken Randall, Chief Executive Officer of Randall & Quilter.