Randall & Quilter Investment Holdings Ltd. merges wholly-owned subsidiary, Sandell Re Ltd. with Tradesman Program Managers, LLC. in return for a 35% interest in the combined entity.
NOTICE
Randall & Quilter Investment Holdings Ltd. (“R&Q” or the “Group”) is pleased to announce today that it has reached an agreement to merge its wholly-owned subsidiary, Sandell Re Ltd. (“Sandell”), with Tradesman Program Managers, LLC. (“Tradesman”) in return for a 35% interest in the combined entity. The transaction is subject to the approval of the Bermuda Monetary Authority.
The initial book value of R&Q’s interest in the combined business will be $43.4m, which is equal to the estimated book value of Sandell at completion. Proforma pre-tax earnings of the combined business for full-year 2020 are estimated to be $17.2m.
