RANDALL & QUILTER TO ACQUIRE LLOYD'S COVERHOLDER

Run-off specialist and insurance manager Randall & Quilter has announced that it is to acquire Synergy Insurance Services (UK) Ltd, the UK-based high net worth managing general agent. Terms of the proposed transaction, which is subject to regulatory approval, were not disclosed. Synergy, which was created in 2006, underwrites property, motor and fine art on behalf of a number of insurance carriers, predominately at Lloyd's. The MGA will be subject to restructuring to improve operating performance, although Synergy is expected to produce a small loss for the group in the 2011 financial year. According to Randall & Quilter, Synergy has a good renewal book and underwriting track record and is anticipated to grow premium strongly from the current year estimate of £6m