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12 April, 2022 - 21:16 By Tony Quested

Cambridge lawyers help steer $732.4 million deal

Cambridge law firm Mills & Reeve is advising Bermuda-based specialty insurer Randall & Quilter on a $632.4 million takeover bid by Brickell Insurance Group in Miami. 

A new $100 million equity fundraising is additional to the proposed acquisition price.

Randall & Quilter is a non-life global specialty insurance company focused on programme management and legacy transactions.

Brickell is one of its major shareholders. The proposed acquisition is being backed by investment group 777 Partners.

Mills & Reeve has acted for Randall & Quilter for the last 15 years including in 2013 helping to re-domicile R&Q from the UK to Bermuda. It has since advised on numerous AIM fundraisings as well as several bank and debt facilities, including listed debt securities.

Mills & Reeve says that further work will be needed to satisfy numerous conditions including R&Q shareholder approval and consents from global regulators as well as implementing other terms of the deal.

The Mills & Reeve team advising R&Q included partners Stephen Hamilton and Frances Churchyard; head of London corporate, Kristian Shearsby; principal associate, Emma Plaxton; senior associate, Tom Samuel; associate, Judith Houston; and trainee solicitor, Alexandra Illingworth. Partner James Hunter has led the firm’s client relationship with R&Q since the early years.

Stephen Hamilton, who led the Mills & Reeve team said: “We have enjoyed a longstanding relationship with R&Q for many years and were really pleased to work alongside them again on this very important transaction.”

George Clarke, Group General Counsel at R&Q, added: “Mills & Reeve have been available and supportive throughout. With a tight knit team familiar with our business, they worked efficiently with our US and Bermuda counsel providing a strong and responsive team across the required disciplines and jurisdictions.”

Barclays Bank and Numis Securities have provided financial advice to R&Q, Mayer Brown has advised R&Q on US law aspects and Conyers has provided Bermuda law advice. Brickell has been advised by GuyCarp, Norton Rose Fulbright and Applebys.

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