Incorporated in England and Wales in 1998, Inceptum Insurance was put into run-off in September 2009

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Inceptum Insurance to be acquired by Randall & Quilter. (Credit: Pete Linforth from Pixabay)

Randall & Quilter Investment (R&Q), a non-life global specialty insurance company based in Bermuda, has agreed to acquire Inceptum Insurance, a part of the Vibe Group of companies.

Financial terms of the deal were not disclosed.

The acquisition is being executed by R&Q’s fully-owned subsidiary – Randall & Quilter II.

Brief background of Inceptum Insurance

Incorporated in England and Wales in 1998, Inceptum Insurance was put into run-off in September 2009. About two years later, it was sold by the HSBC group to Syndicate Holding, which is the holding company of Vibe Syndicate Management.

At the time of its acquisition by Syndicate Holding, Inceptum Insurance had more than £350m in assets under management. The firm provides run-off and legacy solutions to the insurance and reinsurance markets across the UK and Europe.

R&Q M&A group head Paul Corver said: “R&Q takes pride in providing finality for owners and we are pleased to see clear evidence of increased demand for legacy solutions throughout 2020.

“While logistically it has taken longer to complete deals due to Covid-19, we are pleased to report that we have a healthy pipeline of opportunities and a number of further transactions which are nearing completion. We therefore look forward to announcing further legacy transactions over the course of the next few weeks.”

The acquisition is subject to regulatory approval.

Earlier this month, R&Q agreed to combine the business of its fully-owned subsidiary Sandell Re with Tradesman Program Managers in exchange for a 35% stake in the combined entity.

Tradesman Program Managers is a New York-based managing general agent (MGA) that serves trade and general contractors with commercial general liability coverage. On the other hand, the Bermuda-incorporated Sandell Re is engaged in writing all classes of general business insurance and reinsurance.

R&Q had announced in early August that its fully-owned Vermont subsidiary, ICDC had wrapped up the acquisition of NationsBuilders Insurance, a captive insurance business from NationsBuiders Insurance Services.