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23 Dec 2020 16:57
Randall & Quilter Investment Holdings Ltd.
R&Q acquires Marillac Insurance Company, Ltd.
23 December 2020
Randall & Quilter Investment Holdings Ltd. ("R&Q"), the leading non-life global specialty insurance company focusing on Program Management and Legacy Insurance businesses, announces that its wholly owned subsidiary, Randall & Quilter II Holdings Limited. ("RQIIH") has today completed the acquisition of Marillac Insurance Company, Ltd. ("Marillac"), the Cayman captive insurer of Verity Health System of California, Inc. ("Verity").
The transaction, which has received bankruptcy court and all regulatory approvals, is the second Cayman captive acquisition completed by R&Q this year.
Marillac, which is now in run-off, had previously provided workers compensation, professional and general liability coverage to its parent, affiliates and employees. R&Q will pay $2.3m to acquire 100% of the equity in Marillac, in addition to other non-cash consideration.
Ken Randall, Executive Chairman at R&Q, said: "We are extremely pleased to have agreed terms to acquire Marillac Insurance Company, Ltd. This acquisition represents our second Cayman Islands captive acquisition in 2020. This transaction demonstrates the continued demand for full finality solutions to captive insurance owners and R&Q's ability to provide certainty of closure to our counterparties."
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Notes to Editors:
About R&Q
R&Q is a non-life global specialty insurance company operating two core, highly complementary, businesses: Program Management and Legacy Insurance. Both these businesses are leaders in markets with high barriers to entry and significant secular growth opportunities.
Legacy Insurance generates profits and capital extractions from expert management of legacy non-life insurance portfolios. Program Management generates commission income from its licensed (and rated) carriers in the US, EU and the UK, writing niche and profitable program business, largely on behalf of highly rated reinsurers.
Legal Entity Identifier (LEI): 2138006K1U38QCGLFC94
Website: www.rqih.com
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