Randall & Quilter II Holdings has completed the acquisition of Electric Insurance Ireland DAC (EIIDAC), a wholly-owned captive insurer of Electric Insurance Company (EIC).
The wholly-owned UK subsidiary of Randall & Quilter Investment Holdings (R&Q) received regulatory approval from the Central Bank of Ireland for the acquisition.
EIIDAC was incorporated in Ireland in 2005 and wrote employers’ liability and general liability business across Europe between 2007 and 2020 until the company was placed into run-off in January 2021.
The acquisition will see R&Q assume EIIDAC’s gross reserves, which will be subsequently transferred, subject to Irish Court approval, to R&Q’s primary European operation, Accredited Insurance Europe in Malta.
Commenting on the acquisition, Paul Corver, group head of mergers and acquisitions at R&Q, says: “We are delighted to have finalised this acquisition which is our second Irish captive acquisition in as many years.”
“We continue to see plenty of opportunities in the captive sector as owners become more aware of the capital efficiency that can be gained by disposal of all or part of the business in their captive,” he adds.
In 2018, R&Q agreed to acquire Coffey Group Ireland-based captive, Western Captive Insurance Company Designated Activity Company (WCIC).
R&Q also transferred the business to its Maltese rated company, Accredited Insurance (Europe).
