Randall & Quilter II Holdings (RQIIH), the wholly owned subsidiary of Randall & Quilter Investment Holdings, has completed the acquisition of Marillac Insurance Company, the Cayman captive insurer of Verity Health System of California (Verity).
The transaction, which has received bankruptcy court and all regulatory approvals, was the second Cayman captive acquisition completed by R&Q in 2020.
Marillac, which is now in run-off, had previously provided workers compensation, professional and general liability coverage to its parent, affiliates and employees.
R&Q will pay $2.3 million to acquire 100 percent of the equity in Marillac, in addition to other non-cash consideration.
Commenting on the acquisition, Ken Randall, executive chairman at R&Q, said: “We are extremely pleased to have agreed terms to acquire Marillac Insurance Company. This acquisition represents our second Cayman Islands captive acquisition in 2020. This transaction demonstrates the continued demand for full finality solutions to captive insurance owners and R&Q’s ability to provide certainty of closure to our counterparties.”
