R&Q to acquire Maltese insurer
Randall & Quilter (R&Q) is set to acquire FNF Title Insurance Company, a Maltese subsidiary of Fidelity National Title Group in the US.
Subject to approval, R&Q will transfer the business into its EU consolidator company, R&Q Insurance (Malta).
FNF was licensed in 2012 and provided protection to policyholders for breach of covenants in property transactions, for chancel repair insurance and for rights of way and rights of light. It predominantly wrote business in the UK but also Poland and the Czech Republic and ceased underwriting in 2014.
Ken Randall, chairman and chief executive officer of R&Q, said: “We are delighted to have entered into this agreement to acquire FNF Title Insurance Company.
“This transaction continues to demonstrate our ability to attract and execute deals across Europe and further build our consolidation vehicle in Malta. This is one of a number of European transactions where the main driver appears to be exit ahead of Solvency II. This new risk based capital regime continues to provide opportunities for us across the EU.”