Randall & Quilter Investment Holdings Ltd. completed the sale of Lloyd's of London managing agent R&Q Managing Agency Ltd. to Boston-based medical insurer Coverys on Nov. 30, following the receipt of all necessary approvals.
The sale generated cash proceeds of $22.6 million, which after costs and related incentive and other payments, will result in net proceeds of £13.1 million to Randall & Quilter. The amount is expected to generate a gain of £11.8 million over Randall & Quilter's carrying value of R&Q Managing Agency, which will be renamed as Coverys Managing Agency Ltd.
In addition, Coverys gained in-principle approval from Lloyd's to establish Synidcate 1975, which will be managed by R&Q Managing Agency and is expected to commence underwriting Jan. 1, 2018, writing both med-mal insurance and healthcare insurance.
R&Q Managing Agency is currently the managing agent for Lloyd's Syndicates 1991, 3330 and 1110.
