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.
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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.
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