Randall & Quilter Investment Holdings Ltd. (R&Q) announced it has entered into an agreement to acquire Western Captive Insurance Company Designated Activity Company (WCIC) from the Coffey Group of companies in Ireland. WCIC is Coffey’s Irish-domiciled captive insurance company.
The acquisition is subject to receiving regulatory approval from the Central Bank of Ireland.
WCIC underwrote general and employers’ liability insurance from 2007 to 2011 covering various members of Galway, Ireland-based Coffey Group.
R&Q said it intends to transfer the business to its Malteserated company, Accredited Insurance (Europe) Ltd., subject to regulatory and Irish court approval.
“I am delighted that we have agreed the acquisition of WCIC, subject to regulatory approval, and it follows other successful deals in Ireland,” commented Ken Randall, chairman and chief executive officer of R&Q.
“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,” he said.
“We are also especially pleased to transact with an Irish domiciled company where we are aware of further opportunities,” Randall said, adding that the acquisition demonstrate R&Q’s ability to provide exit solutions for end of life captive insurance companies.
Source: Randall & Quilter Investment Holdings
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