R&Q in joint venture with Phoenix

Randall & Quilter (R&Q), the insurance services and investment company that specialises in run-off, has entered into a joint venture agreement with Phoenix Asset Management Partners.

R&Q said that the intention is to acquire re/insurance debt in insolvent estates in a jointly held fund with a focus on similar assets to those which have been acquired by R&Q in its RQLM operations during recent years.

It added that the joint venture will enable the group to access a broader range of opportunities in this investment area through greater scale.

As part of the transaction, R&Q has sold the economic interest in 50 percent of its existing insurance debt assets to Phoenix for a consideration of up to $6.9 million.

This consideration is slightly ahead of the fair value of these assets at the last published Group balance sheet date of June 30, 2014.