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(Sharecast News) - Non-life specialty insurance company Randall & Quilter announced the acquisition of a captive insurer domiciled in Vermont on Friday.
The AIM-traded firm said the company, which was now in run-off, wrote workers' compensation, general and auto liability coverage to its parent and affiliates.
It said the acquisition provided "full legal finality", and had received regulatory approval from the Vermont Department of Insurance.
Randall & Quilter said it would merge the newly-acquired company into its Vermont captive consolidator insurer ICDC, subject to prior regulatory approval.
"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," said group head of mergers and acquisitions, Paul Corver.
"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."
At 0926 BST, shares in Randall & Quilter Investment Holdings were up 0.77% at 163.74p.
30 May 2022 17:59
IN BRIEF: Randall & Quilter Investment rises on strong performance
Randall & Quilter Investment Holdings Ltd - Bermuda-based specialty non-life insurance company with Program Management and Legacy Insurance businesses - Says it continues to be "excited by the strong growth we are seeing in our Program Management business". For three months to March 31, reports gross written premiums of USD370 million, up sharply from USD193 million a year ago. Looking ahead, Randall & Quilter on track to deliver USD1.75 billion of gross written premium in 2022.
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