Randall & Quilter acquires run-off specialist KMS

by Gill Montia

Story link: Randall & Quilter acquires run-off specialist KMS

Randall & Quilter (R&Q) has acquired KMS, a London-based provider of insurance run-off services.

The acquisition has been made through KMS holding company, Continuum Holdings, for £1.78 million in cash.

R&Q’s is an AIM-listed run-off management service provider that acquires solvent insurance companies in run-off and KMS is a London-based provider of insurance run-off services.

KMS posted pre-tax profit of £600,000 on revenues of £3 million in the year ended 31 December 2007.

The company has worked with R&Q on a number of projects and the latter is confident that the move will enhance the capabilities of its insurance services division.

According to R&Q chairman, Ken Randall, the acquisition will bring further skills to the group to bolster its ability to administer liquidated estates and manage schemes of arrangement.

R&Q has so far overseen the acquisition of 14 companies in run-off, six for clients and eight for its own account.