Randall & Quilter, which recently redomiciled to Bermuda, has bought run-off re/insurer Flagstone Alliance Insurance and Reinsurance (FAIR) from Validus Group for $24.1 million at a 15 percent discount to net asset value.Flagstone Re acquired a stake in the Cyprus-domiciled European, Middle East and North Africa P&C reinsurer in 2008. Alliance went into run-off in 2010 and Flagstone was subsequently acquired by Bermuda’s Validus in August 2012.FAIR, which commenced underwriting in 2000, comprises primarily international reinsurance business with net reserves of c.$16.4 million equivalent as at 30 June, R&Q said in a statement.The business will be managed by R&Q Insurance Services and all of the assets of FAIR will be held in UK based bank and custodian accounts other than very nominal balances held to pay local expenses, R&Q said.The Superintendent of Insurance in Cyprus has been informed of the transaction which is not subject to any further regulatory approvals.Commenting on the announcement, Ken Randall, CEO of Randall & Quilter, said: “We are delighted to have acquired FAIR from the Validus Group after an extensive due diligence process.“FAIR is our largest run-off acquisition since 2006. This purchase demonstrates our commitment to seeking out legacy portfolios which meet our return and payback criteria.“We have reported that our pipeline is active and that in addition to further captive related acquisition opportunities, we are seeing some larger sized legacy opportunities.“FAIR is proof of this and we are pleased that our recent £25m fund raise has enabled us to conclude this deal. Through customary restructuring, we expect to make this acquisition both capital and operationally efficient for the Group over the near term.”