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R&Q acquires Guy Carp run-off operations

UK-quoted legacy acquisition firm Randall & Quilter (R&Q) has bought Guy Carpenter's US/UK run-off businesses Resolution Solutions (RSL).

R&Q has paid $10mn for the entities, which specialise in the provision of administration and consulting services to the active and run-off (re)insurance industry.

RSL UK provides broker replacement services for UK insurers and service providers in run-off. Its US sister company offers consulting and run-off administration services for US-based (re)insurers, state liquidation departments and regulators.

The move will enable R&Q to continue its expansion into the broker services market. Previously it has taken on the run-off business of RK Carvill and is working with KPMG on managing the legacy business of London market broker FirstCity, which was sold to AJ Gallagher for $32mn earlier this year.

In 2009, the RSL businesses generated fees of over $13mn and $1.75mn in pre-tax profit. There are 75 employees in total, comprising 40 in the US and 35 in the UK.

In addition, R&Q has acquired Guy Carpenter management company Excess & Treaty Management Corp (ETMC), which manages the run-off of the Excess Casualty Reinsurance Association pool.

Commenting on the latest acquisition, Ken Randall, chairman and chief executive of R&Q, said: "We are delighted to have reached agreement with Guy Carpenter to purchase the RSL businesses and ETMC.

"In addition to generating additional sustainable profits for the group's insurance services division, the RSL businesses will increase the group's client base and depth of expertise and should generate other cross-selling opportunities."

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