Captive Acquisition
Randall & Quilter Investment Holdings Ltd.
Acquisition of Vermont-based Captive
26 June 2020
The Board of Randall & Quilter Investment Holdings Ltd. (AIM-RQIH) ("R&Q"), the leading non-life global specialty insurance company focusing on the Program Management and Legacy Insurance, is pleased to announce the acquisition of a captive insurer domiciled in Vermont.
The company, which is now in run-off, wrote workers' compensation, general and auto liability coverage to its parent and affiliates. The acquisition provides full legal finality and has received regulatory approval from the Vermont Department of Insurance. R&Q will merge the newly acquired company into R&Q's Vermont captive consolidator insurer ICDC Ltd., subject to prior regulatory approval.
Paul Corver, Group Head of M&A at R&Q, commented: "We are pleased to have completed this acquisition which required collaboration amongst R&Q, the fronting carriers, and the seller in order to provide full finality. This marks the third captive acquisition so far in 2020 and we are delighted to continue to serve the captive market, throughout a variety of domiciles in North America."
Ends
|
|
|
Enquiries to:
|
|
|
||||||||||||||||
Notes to Editors:
About R&Q
R&Q is a non-life global specialty insurance company operating two core, highly complementary, businesses: Program Management and Legacy Insurance. Both these businesses are leaders in markets with high barriers to entry and significant secular growth opportunities.
Legacy Insurance generates profits and capital extractions from expert management of legacy non-life insurance portfolios. Program Management generates commission income from its licensed (and rated) carriers in the US, EU and the UK, writing niche and profitable program business, largely on behalf of highly rated reinsurers.
For the financial year ended 31 December 2019 R&Q reported pre-tax profits of over £40 million.
Legal Entity Identifier (LEI): 2138006K1U38QCGLFC94
Website : www.rqih.com
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
COMPANIES COVERED:
Latest directors dealings
- 1 hour ago Rathbones Group
- 1 hour ago Quartix Technologies
- 2 hours ago C&C Group (CDI)
- 2 hours ago Aquila Energy Efficiency Trust (EUR)
- 2 hours ago Cranswick