Randall & Quilter acquires Quest

by David Masters

Story link: Randall & Quilter acquires Quest

AIM-listed insurance runoff firm Randall & Quilter Investment Holdings Plc yesterday announced the acquisition of Bermuda-based Quest Group for $6.9 million.

The all-cash deal includes a further bonus payment if Quest meets its performance targets for the next year.

Randall & Quilter is funding the acquisition using its existing cash pool.

A statement from the AIM-listed company said the acquisition is a ‘great opportunity’ to diversify its product portfolio, both regionally and functionally.

CEO Jerry McArthur called the deal a ‘decisive step forward’ into Bermuda’s insurance market.

The Quest Group of Companies offers accounting and management services to the captive non life insurance sector. It generated pre-tax profit of $900,000 for the year ending 31st December 2007.

Quest president Nicholas Dove said becoming part of Randall & Quilter is a ‘perfect fit’ for his company that will enable it to build on the success of recent years.