Gulf starts at Sheikh Adi-2 25/05/2012
Iraq-focused oil explorer Gulf Keystone Petroleum (GKP) has begun drilling at the Sheikh Adi-2 well in the Sheikh Adi block.
Randall & Quilter buys Lloyd's agent
Acquisitive non-life insurance services group Randall & Quilter (RQIH) is taking over insurance agent Synergy Insurance Services for an undisclosed sum.
The acquisitive company, an insurance run-off specialist now also building itself up in investments, underwriting management and other areas, has picked Synergy as a managing general agent and coverholder, with a right to commit Lloyd's syndicates and other insurers to underwriting deals for rich clients in specialist areas, including property, motor and fine art.
AIM-quoted Randall & Quilter, co-founded by chairman Ken Randall, a Lloyd's market veteran, says Synergy, steered by experienced underwriting director Emma Bennett, has a 'good renewal book and underwriting record' and is seen as likely to grow premiums strongly from the current year's estimate of around £6 million. That compares with Randall & Quilter's gross premiums of £948,000 last year, and £1 million the first half of 2011.
Randall & Quilter says it expects Synergy will produce a small loss for the current year, but make a positive contribution to group results in 2012 and beyond. Bennett says Randall & Quilter's 'experience and balance sheet strength' will give Synergy 'an exceptional opportunity to expand'. Ken Randall claims the deal 'will complement our existing managing general agent business.'
Highlighted by Growth Company Investor at 91p in September, Randall &B Quilter's tightly-held shares, which have traded between 132p and 91p over the past year, now stand at 94.5p, valuing the company at £47 million. A yield of more than 8 per cent provides comfort.
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