26 May 2015 Insurance

R&Q acquires ICI captive

Randall & Quilter (R&Q), the insurance services and investment company, is set to acquire IC Insurance, the captive insurer of Imperial Chemical Industries (ICI), for £17 million.

The captive, which has been in run-off since 1996, was formed in 1926 as the UK registered captive insurer for ICI.

The residual liabilities comprise primarily of US workers’ compensation reinsurance of the United Insurance Company pooling facility along with some residual losses from self-insured liabilities and London market underwriting activity.

R&Q Market Services will manage the captive, with the intention of undertaking a Part VII Transfer of the remaining insurance business to the group’s consolidation vehicle R&Q Insurance (Malta), subject to approval.

Ken Randall, chairman and chief executive officer of R&Q, said: “We are delighted to have entered into an agreement to acquire IC Insurance from AstraZeneca UK and Imperial Chemicals Industries.

“This is one of a number of current transactions we are assessing where a corporate parent is looking to dispose of their legacy captive prior to the implementation of Solvency II. The advent of Solvency II is generating a number of prospects for the group across Europe and in general we remain excited about our legacy acquisition pipeline.”

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