Randall & Quilter (R&Q) has acquired ICDC, the captive insurer of an American Fortune 500 company.
The company reinsured the workers’ compensation, commercial general liability, business auto liability, business auto physical damage and property risks of its parent.
ICDC, which is in run-off, had a total net asset value of $7.95 million at the end of 2016, with reserves at approximately $2.65 million.
The captive, originally domiciled in Bermuda, was moved to Vermont in June 2015.
Ken Randall, chair and CEO of R&Q, commented: "We are delighted to complete the acquisition of ICDC from an American Fortune 500 company. 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.”
R&Q also picked up the Bermuda reinsurance captive of AmeriPride Services and Alsco earlier this week.
