Randall & Quilter Investment Holdings (R&Q) has acquired the entire issued share capital of Hickson Insurance Limited (HIL), an Isle of Man-domiciled captive insurer, for £525,000.
HIL has been in run-off since 2002 and wrote a mixed book of business from 1988, including public and products liability, property, general liability, marine, death in service and motor accidental damage.
Ken Randall, chairman and CEO of R&Q, said: “The purchase of HIL further evidences the increasing level of acquisition activity we are seeing as a group.”
“It also continues to demonstrate our ability to provide attractive exit solutions for captive owners who have put their captives in run-off or are contemplating ceasing writing new business. This will be our first captive acquisition in the Isle of Man.”
At the end of 2012, R&Q acquired LINPAC Insurance Company (LICL) from LINPAC Finance for £450,000.
The Guernsey-based captive insurer was in run-off since 2006 and wrote business from 1994, including employers liability, public and products liability and workers compensation.
The LINPAC takeover was R&Q's fifth acquisition of 2012 and its fourth in Guernsey.
