Randall and Quilter Investment Holdings (R&Q) has agreed to acquire Coffey Group’s Ireland-based captive, Western Captive Insurance Company Designated Activity Company (WCIC).
The acquisition is subject to regulatory approval from the Central Bank of Ireland.
From 2007 to 2011, WCIC underwrote general and employers’ liability insurance covering various members of the Coffey Group.
Subject to regulatory and Irish court approval, R&Q intends to transfer the business to its Maltese rated company, Accredited Insurance (Europe).
Ken Randall, chairman and CEO of R&Q, said he was delighted that the company had agreed the acquisition of WCIC, following other successful deals in Ireland.
He explained: “A continued soft market, pressures on capital from Solvency II and forthcoming challenges from Brexit and base erosion and profit shifting are providing increasing opportunities for R&Q to provide either complete finality or partial relief through removal of defined portfolios.”
“We are also especially pleased to transact with an Irish domiciled company where we are aware of further opportunities.”
“The acquisition continues to demonstrate the ability of R&Q to provide exit solutions for end of life captive insurance companies.”
He concluded: “We remain excited about our legacy acquisition pipeline.”