Randall & Quilter Investment Holdings has completed the acquisition of the entire issues share capital of Woodcroft Insurance Company, a Guernsey domiciled captive insurer.
Woodcroft was previously a captive insurer for John Laing and has been in run-off since 2012. It wrote employer’s liability, public liability and construction for all risks until 2002.
Total claims reserves at 30 June, the date of the latest available management accounts, amounted to £1.6 million and the company carried a net asset value of £1.2 million. Open claims relate primarily to latent disease arising from employer’s liability coverage.
Ken Randall, chairman and CEO of Randall & Quilter, said: “The acquisition of Woodcroft continues to evidence the desire amongst captive owners to achieve closure where the captive is no longer underwriting yet faces a lengthy run-off from long tail liabilities.”
“We are pleased to have provided this exit to John Laing and are talking to a number of other corporates wishing to sell their captive or simply dispose of unwanted years to streamline their captive operation.”
