22 March 2017Insurance

R&Q buys two captive insurers in run-off

Randall & Quilter (R&Q), the insurance services and investment company, has acquired two captive insurance firms, Linco and ICDC, both of which are in run-off.

Linco is a wholly owned captive insurer of Ameripride Services and Alsco which is based in Bermuda. It went into run-off at the start of 1985 and provided reinsurance coverage to its shareholders for worker’s compensation, general and automotive liability.

ICDC, which is also in run-off, had a total net asset value of $7.95 million as of 31 December 2016 with reserves estimated at circa $2.76 million. It reinsured workers’ compensation, commercial general liability, business auto liability, business auto physical damage and property risks of the parent.

ICDC was originally incorporated under the laws of Bermuda and was re-domiciled in Vermont with effect from June 30, 2015.

"We are delighted to complete the acquisition of ICDC from an American Fortune 500 company," said Ken Randall, R&Q's chairman and chief executive officer. "This transaction demonstrates our ongoing commitment to continue to acquire legacy insurance assets and also continues to expand our acquisition activity in the North America, Bermuda and the Caribbean region."

The company expects to get the regulatory approvals for Linco transaction within the next 30 days.

"We are delighted to announce the acquisition of Linco, subject to regulatory approvals," Randall added. "This transaction continues to demonstrate our market leading position, providing captive legacy solutions across Bermuda, North America and Europe. This is further proof of our rapidly growing success in the run-off market."

Today’s top stories

UK motor reinsurance prices to go up despite 'conservative' reserving practices

UK’s largest MGA CFC set for management buyout with PE backing

Liberty Mutual buys assets of US MGA TRU

XL Catlin appoints E&S binding and brokerage head

Did you enjoy reading this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk

More on this story

20 April 2017   Profits at Randall & Quilter, the Bermuda based specialist non-life insurance investor, almost tripled last year on the back of it completing 15 legacy transactions during 2016 and further net reserve releases from insurance companies in run-off.
16 May 2017   R&Q Commercial Risk Services, the specialist MGA platform of Randall & Quilter, has opened its third regional office in the UK as part of its strategy to expand the distribution footprint.
19 June 2017   Randall & Quilter Investment Holdings has written a loss portfolio transfer reinsurance contract to assume a bonds portfolio issued by an undisclosed Fortune 500 Insurance Group.