Insurance products and services provider Randall & Quilter Investment Holdings has closed the acquisition of the entire issued share capital of Woodcroft Insurance Company.
Woodcroft, which has been captive insurer for John Laing, wrote employer’s liability, public liability and construction all risks until 2002 and wrote professional indemnity for the group.
Total claims reserves of Randall & Quilter Investment Holdings at 30 June 2013 were £1.6m, while net asset value was £1.2m.
Randall & Quilter chairman and CEO of Ken Randall said the acquisition of Woodcroft continues to evidence the desire amongst captive owners to achieve closure where the captive is no longer underwriting yet faces a lengthy run-off from long tail liabilities.
"We are pleased to have provided this exit to John Laing plc and are talking to a number of other corporates wishing to sell their captive or simply dispose of unwanted years to streamline their captive operation," Randall added.