R&Q Insurance Malta has purchased the total issued share capital of Clariant AG, the Liechtenstein-registered captive insurer of Clariant, a Swiss specialty chemical company.
The captive was formed in 2005, but ceased active underwriting in 2015.
Clariant will relocate to Malta, where it will become the second European run-off consolidator operating under the name of R&Q Insurance Europe.
Ken Randall, chairman and CEO of Randall & Quilter, said: “This is a further demonstration of R&Q’s capability of working with corporate captive owners to dispose of captive insurers that are no longer required for their business; it is one of a number of current transactions we are assessing where a corporate parent is looking to dispose of their legacy captive which is subject to implementation of Solvency II.”
“This new regime is generating a number of prospects for the group across Europe and is a significant reason for the formation of a second consolidation vehicle in Malta.”
