Randall & Quilter raises £50m to fund growth
Non-life insurance and investment specialist Randall & Quilter Investment Holdings said on Oct. 5 that it is raising approximately £49.3 million to finance its growth plan.
The company has conditionally raised gross proceeds of £45.0 million through a firm placing of new ordinary shares with certain institutional shareholders and directors and is proposing to raise gross proceeds of up to approximately £4.3 million through an open offer of new ordinary shares to qualifying shareholders.
“We are delighted to have gained support for this capital raise to fund the significant growth opportunities ahead for the Group in our core activities of legacy acquisition activity and the writing of programme business on behalf of reinsurers,” said CEO Ken Randall.
“We believe this capital raise will represent a step change in the Group's profile, providing enhanced access to quality business through balance sheet strength. The significant opportunities available to the Group in both of our core operations are now able to be fully harnessed and we look forward to the future with added confidence.”
Get the latest re/insurance news sent to your inbox every day - Sign up to our free email newsletters
Lloyd’s faces pre-tax loss in 2017 due to nat cat events: Moody’s
GIC Re to raise up to $1.7bn in IPO as it seeks international expansion
RenaissanceRe faces $625m nat cat hit in Q3
Third Point Re CEO praises strategy avoiding nat cat losses
Lloyd’s Council member Fleming resigns
Allianz teams up with Silicon Valley firm in cyber protection
