Randall & Quilter Investment has completed the acquisition of the entire issued share capital of RAB Insurance, a Guernsey domiciled captive insurer, from the owner Drakelow Development.
RAB has been in runoff since October 2011. From 1992, it wrote employer's and product liability for Roger Bullivant and its subsidiaries, a building foundation company sold by Drakelow in July 2011.
The net asset value of RAB based on the latest available management accounts is estimated at £950,000, and RAB was acquired by Randall & Quilter at a discount.
Ken Randall, chairman of Randall & Quilter said: "The acquisition of RAB 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 third captive acquisition in 2012 and our second in Guernsey this year."