A wholly owned subsidiary of Randall & Quilter (R&Q) is purchasing the entire issued share capital of ICI Insurance Company Limited (ICIICL) from Imperial Chemical Industries Limited.
Without disclosing financial terms of the swoop, R&Q announced that the deal agreement has been signed.
“We are delighted to have agreed terms to acquire ICIICL,” commented R&Q group head of mergers and acquisitions Paul Corver. “This is another acquisition for R&Q that demonstrates the ability to assist companies in finalizing legacy long tail exposures.
“R&Q takes pride in providing finality for captive owners either through outright acquisition or partial structured solutions such as reinsurance or novation.”
ICIICL’s residual liabilities comprise primarily of US workers’ compensation and general liability claims. Incorporated in the Cayman Islands in 2003, the entity was licensed as a Class B (i) Insurer.