Randall & Quilter (R&Q) is on a roll, announcing another acquisition following major swoops in recent weeks.
This time it’s Western Captive Insurance Company Designated Activity Company’s (WCIC) turn to be snapped up. In an announcement, R&Q said it has entered into an agreement to acquire the Irish-based captive insurance firm from the Coffey Group.
From 2007 to 2011, WCIC underwrote general and employers’ liability insurance covering various members of its parent company.
“I am delighted that we have agreed the acquisition of WCIC, subject to regulatory approval, and it follows other successful deals in Ireland,” commented R&Q chair and chief executive Ken Randall. “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.”
R&Q plans to transfer the acquired business to Accredited Insurance (Europe) Limited, its Maltese-rated unit.
“We are also especially pleased to transact with an Irish-domiciled company where we are aware of further opportunities,” added Randall. “The acquisition continues to demonstrate the ability of R&Q to provide exit solutions for end of life captive insurance companies.
“We remain excited about our legacy acquisition pipeline.”