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."
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