London (14 January 2015) – Hiscox Ltd, the FTSE 250 specialist global insurer, today announces that a preliminary agreement has been reached with Randall & Quilter Investment Holdings Ltd to acquire the Managing General Agent R&Q Marine Services Limited (RQMS) and the business of Synergy Insurance Services (UK) Limited (Synergy).
RQMS is an underwriting agency specialising in yachts and the general marine leisure industry, with business totalling £17 million of GWP in 2014. Synergy is a specialist high net worth insurance provider with a book of high value household and motor business totalling £6 million of GWP in 2014.
This agreement is in line with Hiscox’s long-standing strategy of growing a balanced portfolio of specialist insurance businesses and will complement its existing capabilities in the high net worth space. It is Hiscox’s intention to bring these businesses under the Hiscox brand and where appropriate to continue to underwrite them as an MGA on behalf of Hiscox and other carriers.
The potential transaction is subject to a number of factors including the completion of due diligence, obtaining the appropriate regulatory permissions and Board approval. A further announcement will be made if and when appropriate.
Ends
For further information please contact:
Hiscox Ltd
Lucy Hensher +44 (0) 20 7448 6619 [email protected]
Brunswick
Tom Burns +44 (0) 20 7404 5959 [email protected]
Notes to editors
Hiscox, the international specialist insurer, is headquartered in Bermuda and listed on the London Stock Exchange (LSE:HSX). There are three main underwriting divisions in the Group - Hiscox London Market, Hiscox Re and Hiscox Retail (which includes Hiscox UK and Europe, Hiscox Guernsey, Hiscox USA and subsidiary brand, DirectAsia). Hiscox underwrites internationally traded, bigger ticket business and reinsurance through Hiscox Re and Hiscox London Market. Through its retail businesses in the UK, Europe and the US Hiscox offers a range of specialist insurance for professionals and business customers, as well as homeowners. For further information, visit www.hiscoxgroup.com
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