Captive Acquisition

RNS Number : 1425R
Randall & Quilter Inv Hldgs Ltd
26 June 2020
 

 

 

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."

 

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Enquiries to:

 

Randall & Quilter Investment Holdings Ltd.

www.rqih.com

Paul Corver

Tel: 020 7780 5944

 

Numis Securities Limited

Stuart Skinner (Nominated Adviser)

Tel: 020 7260 1000

Charles Farquhar (Broker)

Tel: 020 7260 1000

 

Shore Capital Stockbrokers Limited

Stephane Auton/James Thomas

 

Tel: 020 7408 4090

FTI Consulting

Edward Berry/Tom Blackwell

 

Tel: 020 3727 1046

 

 


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  

 


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