Randall & Quilter swallows Malta-based FNF Title

20th Nov 2015 08:11

(ShareCast News) - Randall & Quilter said it is buying FNF Title Insurance Co Ltd for an undisclosed amount. The London-based insurance investment firm confirmed the deal on Friday, subject to change of control approval from the Malta Financial Services Authority.FNF TICL is the Maltese subsidiary of American insurance giant Fidelity National. It was licensed in 2012, and insured breaches of covenants in property transactions, chancel repair and rights of way and light.The company ceased underwriting activities last year, Randall & Quilter confirmed."This transaction continues to demonstrate our ability to attract and execute deals across Europe and further build our consolidation vehicle in Malta", said chairman and CEO of Randall & Quilter, Ken Randall."This is one of a number of European transactions where the main driver appears to be the exit ahead of Solvency II. This new risk-based capital regime continues to provide opportunities for us across the EU."Subject to the Maltese regulatory approvals, Randall & Quilter planned to transfer FNF TICL's business its EU consolidator company, R&Q Insurance (Malta) Ltd.