Randall & Quilter (R&Q), the AIM-listed non-life insurance group, has completed the purchase of Hickson Insurance Limited (HIL) for half a million pounds.
R&Q bought the entire issued share capital of HIL, an Isle of Man-domiciled captive insurer, from Hickson Investments (an affiliate of the Lonza Group) for £525,000.
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
"The purchase of HIL further evidences the increasing level of acquisition activity we are seeing as a group," said R&Q's Chairman and Chief Executive Officer Ken Randall.
HIL marks R&Q's fifth purchase since the start of October.
"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 first captive acquisition in the Isle of Man."
BC
-
Rachel Reeves confirms ‘workaround’ for pensioners facing tax bill on state pensionAs the full new state pension looks set to breach the tax-free personal allowance within years, the government has said anyone on just a state pension won’t have to pay income tax on the payment until the end of this parliament
-
Zoopla: House prices in southern England drop for first time in 18 monthsHouse buyers could benefit from a fall in prices, triggered by a rumoured ‘property tax’ prior to the Budget, as Zoopla revealed lower prices for the first time in 18 months
