Randall & Quilter Investment Holdings has acquired Northern Foods Insurance (NFIL), a captive insurer domiciled in Guernsey, for a cash consideration of £706,000 using existing resources.
Randall & Quilter chairman and chief executive Ken Randall said: "It also demonstrates 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."
"Following this acquisition, we have two owned captives in run-off in Guernsey and will therefore seek to optimise operational and capital efficiency, subject to regulatory approval."
NFIL has net asset value based on management accounts of £1m and has been in run-off since 2007, as reported by Insurance Times.
Randall & Quilter Investment Holdings owns and manages insurance companies in run off in the UK, Europe, the US, Canada, and Bermuda.