Randall & Quilter II completes acquisition of Electric Insurance Ireland DAC

Randall & Quilter

Randall & Quilter Investment Holdings Ltd (LON:RQIH), the leading non-life global speciality insurance company focussing on Program Management and Legacy Insurance businesses, has announced that its wholly owned UK subsidiary, Randall & Quilter II Holdings Limited, has received regulatory approval from the Central Bank of Ireland and has completed the acquisition of Electric Insurance Ireland DAC, a wholly-owned captive insurer of Electric Insurance Company.

EIIDAC 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 2021.

The acquisition will see R&Q 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 Randall & Quilter 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.”

You might also enjoy reading  Premier Miton Investors on positive economic momentum and sustainable investing (LON:PMI)
Find more news, interviews, share price & company profile here for:
Randall & Quilter Investment Holdings Ltd

Good news travels fast (but only if you make that happen):

Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on facebook
Facebook
Share on email
Email
Share on reddit
Reddit
Find more news, interviews, share price & company profile here for:
Randall & Quilter Investment Holdings Ltd

AIM All Share Index