R&Q Re To Acquire Bermuda Captive Company
Randall & Quilter Investment Holdings has entered into a stock purchase agreement to acquire a Bermuda-domiciled captive insurance company.
A statement from the company said, “Randall & Quilter Investment Holdings Ltd. [R&Q], the leading non-life global specialty insurance company focusing on Program Management and Legacy Insurance businesses, today announced that its wholly owned subsidiary, R&Q Re [Bermuda] Ltd. [R&Q Re], has entered into a stock purchase agreement to acquire a Bermuda-domiciled captive insurance company. The transaction is subject to customary closing conditions and regulatory approval.
“R&Q Re, a Class 3A reinsurer which is registered as a segregated account company, is R&Q’s primary legacy vehicle in Bermuda. The transaction provides full finality for the seller after the captive was placed into run-off.
Paul Corver, Group Head of M&A at R&Q, said: “We are delighted to have agreed terms on the acquisition of another captive insurer. This continues a trend we’ve seen over the past six months or so where captive owners are seeking full and economic finality solutions. Whilst this transaction remains subject to regulatory approval, we have confidence in our ability to complete the transaction in a timely manner.”
