Financial services firm Randall & Quilter Investment Holdings has completed the acquisition of the entire issued share capital of LINPAC Insurance Company Limited (LICL) from the owner LINPAC Finance Limited.
LICL, which is a Guernsey-domiciled captive insurer, has been in run-off since 2006 and wrote business from 1994. The insurer's reserves were worth approximately £171,000 as of June 30th, the date of the latest available management accounts.
The consideration, payable by Randall & Quilter in cash from existing resources was £450,000.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Commenting on the acquisition, Ken Randall, Chairman and Chief Executive Officer of Randall & Quilter, said: "The purchase of LICL further evidences the increasing level of acquisition activity we are seeing 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. This will be our fifth captive acquisition in 2012 and our fourth in Guernsey this year."
Randall & Quilter focuses on insurance investments, insurance services, underwriting management and captives. The group currently has a team of approximately 400 insurance professionals based in the UK, USA, Bermuda, and Continental Europe.
MF
-
How much should I have in emergency savings?When your boiler breaks or your car won’t start, you can find yourself paying a hefty bill. How much should you have in emergency savings to cover unexpected costs?
-
ISA investments by age: should I invest more in my stocks and shares ISA?Stocks and shares ISAs are a great way to grow long-term wealth, but are they overlooked compared to cash savings? We look the average ISA investment by age and if you should have more.
