Davies Group Limited agreed to acquire JMD Specialist Insurance Services Group Limited and Randall & Quilter Bermuda Holdings Ltd. from Randall & Quilter Investment Holdings Ltd (AIM:RQIH) for £20 million on January 15, 2018. Net cash consideration payable by Davies Group Limited after deducting net debt applicable is £18.6 million. The sale agreement provides for a post completion adjustment in relation to working capital requirements. The net proceeds of the sale will be deployed to help finance the growing legacy transaction pipeline and to generate commission income from the use of Accredited and Malta's direct licenses.