R&Q snaps up Cummins captive
Bermudian-based Randall & Quilter Investment Holdings has bought up a captive insurer from US engine manufacturer Cummins.
Randall & Quilter acquired ICDC, which was incorporated in Bermuda, but moved to Vermont two years ago, under terms which have not been revealed.
The captive reinsured workers’ compensation, commercial general liability, business auto liability, business auto physical damage and property risks for its Fortune 500 owner,
Now in run-off, it had a total net asset value of $7.95 million and reserves estimated at about $2.76 million.
Ken Randall, chairman of R&Q, said: “We are delighted to complete the acquisition of ICDC from an American Fortune 500 company.
“This transaction demonstrates our ongoing commitment to continue to acquire legacy insurance assets and also continues to expand our acquisition activity in the North America, Bermuda and the Caribbean region.”
For London Stock Exchange-listed R&Q, this was the second acquisition announcement this week.
On Tuesday R&Q announced it had purchased an island-based captive in run-off, Linco Ltd, the captive insurer of Ameripride Services Inc and Alsco Inc.
The terms of the deal were not disclosed. R&Q’s head office is in the FB Perry Building on Church Street, Hamilton.
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