Nonlife insurance group Randall & Quilter Investment (R&Q) has acquired entire issued share capital of Hickson Insurance Limited (HIL).
The acquirer purchased the shares for £525,000, from owner Hickson Investments, (an affiliate of the Lonza Group). HIL has been in runoff since 2002.
The Isle of Man-domiciled captive underwriter has written several types of businesses from 1988 including public and products liability, property, general liability, marine, death in service and motor accidental damage.
R&Q chairman and chief executive officer Ken Randall said the acquisition of HIL will improve its ability to offer attractive exit solutions for captive owners who placed their captives in run-off or are contemplating ceasing writing new business.
Since inception, R&Q has been engaged in creating various investment activities and services in the global non-life insurance market and is focused on insurance investments, underwriting management & captives and insurance services.
The group manages a team of up to 400 insurance professionals based in the UK, the US, Bermuda, and Continental Europe with wide service capability in both the ‘live’ and ‘run-off’ market.