R&Q UNVEILS $25M DEAL FOR SANDELL RE…

Legacy and fronting specialist Randall & Quilter (R&Q) has agreed to acquire Bermuda-based Sandell Holdings and its subsidiary, Sandell Re, in a $25m deal. Sandell Re’s residual liabilities primarily comprise contractor’s liability exposures in the US, R&Q said. In addition to the $25m cash consideration, payable at closure of the deal, further amounts will be payable “subject to certain conditions being met”. The deal is subject to regulatory approval by the Bermuda Monetary Authority. Sandell Re had net assets of $40.8m as at December 31, 2018 and recorded a loss of $2.7m last year. Ken Randall, executive chairman of R&Q, said the company expects to announce “a number of additional acquisitions during the rest of this year”.