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Randall & Quilter acquire Vibe's Lloyds interests for £25m
StockMarketWire.com
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Insurance investor Randall & Quilter Investment said it had agreed to acquire Vibe's Lloyds interests for £25 million.
The deal involved the purchase of Vibe Services Management, Vibe Corporate Member and Vibe Syndicate Management.
Randall & Quilter said the Vibe Group was incorporated in England and Wales in 2006 and ultimately owned by Syndicate Holdings in Puerto Rico.
Vibe Syndicate 5678 was placed into run-off in December 2019.
Randall & Quilter said the deal would see it assume responsibility for the run-off of Syndicate 5678, which carried net insurance liabilities of £251.1 million as at 30 June 2020.
'R&Q takes pride in providing finality for owners and we are pleased to see clear evidence of increased demand for legacy solutions at Lloyd's throughout 2020,' executive chairman Ken Randall said.
'While logistically it has taken longer to complete deals due to Covid 19, we are pleased to report that we have a healthy pipeline of opportunities and a number of further transactions which are nearing completion.'
'We therefore look forward to announcing further legacy transactions over the course of the next few weeks.'
Story provided by StockMarketWire.com
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