R&Q Synergy sale falls through

Randall & Quilter (R&Q), the insurance services and investment company, has failed to complete the sale of its managing general agent, Synergy to Hiscox, but has signed over its marine services to the insurer.

A sale was unable to be reached for the high net worth focused MGA due to an inability to reach mutually acceptable terms, while R&Q Marine Services, a specialist yacht and marine trades MGA, was acquired for a total cash consideration of £9.25 million, of which £6.9 million will be retained by the group after minority interests.

For its share, the group will receive £5 million immediately and a further £1.9 million contingent on the business generating certain levels of gross written premium over the next 12 months.

R&Q said that the sale is part of its targeted disposal strategy, mentioned in the trading update in November 2014.