Bermuda-based insurance services company Randall & Quilter Investment Holdings Ltd (R&Q) has completed its first deal in Vermont.

The deal involves the novation of liabilities from Automobile Dealers Insurance Company, Inc (ADIC), a group captive, to the R&Q-owned segregated account company R&Q Quest (SAC) Ltd.

ADIC provides automotive, garage liability and workers’ compensation coverages for its members.

Ken Randall, chairman and chief executive officer of R&Q, said: “We are delighted to complete this novation, which represents our first transaction in Vermont, one of the world’s premier captive domiciles.

“This deal reinforces our market leading position in providing captive exit solutions and positions us well to explore further opportunities in the extensive Vermont market.”

R&Q says it pursues a “buy and build” strategy and has created a range of investment activities and services in the global non-life insurance market. R&Q focuses on three core areas — ?insurance investments, insurance services and underwriting management.

The company redomiciled to Bermuda from Britain in 2013.