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(Sharecast News) - Specialty insurance company Randall & Quilter announced on Friday that its wholly-owned subsidiary R&Q Re Bermuda, has entered into a stock purchase agreement to acquire a Bermuda-domiciled captive insurance company.
The AIM-traded firm said the transaction was subject to customary closing conditions and regulatory approval.
It said R&Q Re, a class 3A reinsurer which is registered as a segregated account company, was its primary legacy vehicle in Bermuda.
The transaction provided full finality for the seller after the captive was placed into run-off.
"We are delighted to have agreed terms on the acquisition of another captive insurer," said group head of mergers and acquisitions Paul Corver.
"This continues a trend we've seen over the past six months or so where captive owners are seeking full and economic finality solutions.
"Whilst this transaction remains subject to regulatory approval, we have confidence in our ability to complete the transaction in a timely manner."
At 1258 GMT, shares in Randall & Quilter Investment Holdings were up 1.08% at 187p.
14 Oct 2020 13:57
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