StockMarketWire.com - Insurance investor Randall & Quilter Investment said it had agreed to merge its Sandell subsidiary with Tradesman Program Managers in return for a 35% interest in the combined entity.

Tradesman was a New York-based agent that underwrote construction-related liability insurance.

The initial book value of R&Q's interest in the combined business would be $43.4m, which was equal to the estimated book value of Sandell at completion.

Proforma pre-tax earnings of the combined business for full year 2020were estimated to be $17.2m.

The transaction was subject to the approval of the Bermuda Monetary Authority.




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