(Sharecast News) - Insurance group Randall & Quilter acquired Montana-based captive insurer Vigneron from a wholly-owned private investment company on Monday.
R&Q intends to merge Vigneron, which underwrites deductible reimbursement policies to cover the obligations under insurance policies taken out by affiliated entities, into its Vermont-based captive consolidator insurer, ICDC, during the first quarter of 2020, subject to regulatory approval.
Chief executive Ken Randell said: "We are pleased to have completed the acquisition of VICI, our first transaction in Montana, and provided VICI's parent company with legal and economic finality for its captive.
"Our legacy pipeline remains strong across the group and we look forward to closing more transactions in the coming weeks."
As of 1105 GMT, R&Q shares were down 0.51% at 175.10p.
R&Q Insurance (RQIH)19 Jun 2024 17:24
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