Through its wholly owned subsidiary Randall & Quilter II Holdings Limited, legacy specialist Randall & Quilter Investment Holdings is snapping up the firms behind Vibe Syndicate 5678 for £25 million in cash.
An agreement has been signed to purchase the entire issued share capital of Vibe Services Management Limited, Vibe Corporate Member Limited, and Vibe Syndicate Management Limited. Incorporated in the UK in 2006, the Vibe Group was owned by Puerto Rico-based Syndicate Holding Corp.
“We are delighted to have agreed terms to acquire the Vibe Lloyd’s companies,” said Randall & Quilter executive chairman Ken Randall. “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.
“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.”
Lloyd’s Syndicate 5678 was placed into run-off in December 2019 and, as of the end of June 2020, carried net insurance liabilities of £251.1 million. The Vibe Group, which recorded a 2019 loss of £29.9 million, has net assets estimated to be worth £29.4 million as of the middle of last year.
Meanwhile the all-cash deal is subject to regulatory approval.
