Randall & Quilter Investment Holdings (R&Q) has completed purchase of the entire issued share capital of LINPAC Insurance Company Limited (LICL) from LINPAC Finance for a cash consideration of £450k from existing resources.
LICL is a Guernsey-domiciled captive insurer and has been in run-off since 2006, and wrote employers’ liability, public and products liability, workers compensation, US/Canada general liability and motor products from 1994.
The company’s reserves were found to be £171,000 as of 30 June 2012, which is the date of the latest available management accounts.
Randall & Quilter chairman and chief executive officer Ken Randall said the acquisition is the company’s fourth in Guernsey and overall fifth captive purchase in 2012 and also demonstrates its increasing level of acquisition activity as a group.
”It also continues to demonstrate our ability to provide attractive exit solutions for captive owners who have put their captives in run-off or are contemplating ceasing writing new business,” Randall added.
Randall & Quilter Investment Holdings owns and manages insurance companies in run off in the UK, US, Continental Europe, Canada, and Bermuda.