Randall & Quilter Investment (R&Q) has agreed to acquire the Irish captive insurance company of the Coffey Group of companies for an undisclosed price.
Irish captive insurance company WCIC to be acquired
The captive insurance company, known as Western Captive Insurance Company Designated Activity Company (WCIC), underwrote general and employers’ liability insurance between 2007 and 2011 covering several members of the Coffey Group.
R&Q plans to transfer the Irish captive insurance company to its Maltese rated company, Accredited Insurance (Europe), depending on receipt of regulatory and Irish court approvals.
The acquisition of WCIC is also subject to approval from the Central Bank of Ireland.
R&Q chairman and CEO Ken Randall said: “A continued soft market, pressures on capital from Solvency II and forthcoming challenges from Brexit and base erosion and profit shifting are providing increasing opportunities for R&Q to provide either complete finality or partial relief through removal of defined portfolios.
“We are also especially pleased to transact with an Irish domiciled company where we are aware of further opportunities.
“The acquisition continues to demonstrate the ability of R&Q to provide exit solutions for end of life captive insurance companies.”
Headquartered in Bermuda, R&Q offers core services of legacy acquisitions and program underwriting management.
Listed on the London Stock Exchange’s Alternative Investment Market (AIM), the company has been engaged in acquiring discontinued books of non-life business and non-life (re)insurance companies and captives in run-off.
The group owns and handles a portfolio of insurance firms across the UK, the US and Europe that are either active or in run-off.
The proposed acquisition of WCIC follows last month’s agreements signed by R&Q for the acquisition of MPS Risk Solutions and Global Reinsurance Corporation of America (Global Re US) from their respective owners.
The Bermuda-based insurer will acquire MPS Risk Solutions from The Medical Protection Society (MPS) for £16.0m ($21.04m). In the other deal, it will buy Global U.S. Holdings, the parent firm of Global Re US, from AXA DBIO, for a sum of around $80.5m.