Log In

Reset Password

Randall & Quilter acquire second Irish captive

A UK subsidiary of Bermudian-based Randall & Quilter Investment Holdings Ltd has acquired an Irish captive insurer.

R&Q said Randall & Quilter II Holdings Ltd has received regulatory approval from the Central Bank of Ireland and has completed the acquisition of Electric Insurance Ireland DAC.

EIIDAC, which was wholly-owned by Electric Insurance Company, was incorporated in Ireland in 2005 and wrote employers' liability and general liability business across Europe between 2007 and 2020 until the company was placed into run-off in January of this year, R&Q said.

R&Q said the acquisition will see it assume EIIDAC’s gross reserves, which will be subsequently transferred, subject to Irish Court approval, to R&Q’s primary European operation, Accredited Insurance Europe Limited in Malta.

Paul Corver, group head of M&A at R&Q, said: “We are delighted to have finalised this acquisition which is our second Irish captive acquisition in as many years.

“We continue to see plenty of opportunities in the captive sector as owners become more aware of the capital efficiency that can be gained by disposal of all or part of the business in their captive.”

R&Q is a non-life global specialty insurance company focusing on programme management and legacy insurance businesses.

Headquartered and operating in Bermuda with extensive operations in the US and Europe, it provides finality solutions for run-off portfolios and global programme capacity for MGAs and their reinsurers.

Randall & Quilter: UK subsidiary completes the acquisition of an Irish captive insurer

You must be Registered or to post comment or to vote.

Published May 21, 2021 at 7:40 am (Updated May 21, 2021 at 7:40 am)

Randall & Quilter acquire second Irish captive

What you
Need to
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon