Randall and Quilter Investment Holdings has agreed to purchase the entire share capital of managing general agent (MGA) Synergy Insurance Services, subject to FSA approval.
Synergy, created in 2006, is an approved coverholder for a number of insurance carriers, predominately Lloyd’s Syndicates, providing a range of specialist insurance services to high net worth individuals, including property, motor and fine art.
London-based Randall and Quilter said as a result of this proposed acquisition it is assuming a negligible level of net current liabilities and Synergy is expected to produce a small loss for its 2011 financial year.
Randall and Quilter chairman Ken Randall said that Synergy has established an excellent reputation within the specialist personal insurance market and will complement their existing MGA businesses.
Synergy is anticipated to grow premium strongly from the current year estimate of GBP6m and the acquisition of is expected to make a positive contribution to Randall and Quilter’s financial results in 2012 and beyond.