R&Q
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The shares rise more than 7 percent as earnings at the legacy acquirer and program specialist surge. -
The R&Q subsidiary is looking to expand its 2018 contracted GWP of $500mn.
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The agreement provides coverage up to $113mn.
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The base valuation represents an approximate 39 percent discount to net asset value.
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Alan Quilter and Roger Sellek, a former CEO at AM Best, will become joint CEOs.
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The carrier rules out returning to shareholders for finance for large legacy deals.
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The $80.5mn deal - the buyer's largest ever legacy takeover - was originally expected to close in 2018.
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The legacy and program specialist will issue private passenger automobile policies on behalf of Pronto.
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The placing and open offer expands the group’s share capital by more than half.
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The legacy carrier has issued £100mn in new shares and will offer shareholders an additional £7mn of equity.
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The overall index loses ground as the London component falls more than 4 percent.
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The Vermont deal marks R&Q’s sixth with a self-insurer over the past two years.
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