The sale by Randall & Quilter of part of its business will prove a net positive for jobs in Bermuda.

That is the view of R&Q, which is based in the FB Perry Building on Church Street and which said it has hiring plans for its remaining Bermuda operations.

On Monday, R&Q announced it had sold its insurance services and captive management operations to UK-based Davies Group in a deal worth £20 million ($27.6 million).

The purchase included Randall & Quilter Bermuda Holdings Ltd and its Quest subsidiaries.

Asked about the impact on employment on the island, R&Q said: “The transaction will be good for jobs in Bermuda.

“Davies will be looking to invest in and further develop Quest, its newly acquired captive management business, which has of course been established in Bermuda for many years.

“Going forward, R&Q will be focusing on growing its legacy and nascent programme business. We plan further recruitment as we build our Bermudian-based legacy reinsurance, acquisition and management capability.

“We also view Bermuda as a key hub for our rapidly growing programme operations, with business being initiated by our fully licensed insurance carriers in Malta and Florida.”

R&Q did not disclose how many people it employs in Bermuda. In total, R&Q employs more than 300 staff in offices in Bermuda, the UK and North America, according to its website.