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.
HIL has been in run-off since 2002 and wrote a mixed book of business from 1988, including Public and Products Liability, Property, General Liability, Marine, Death in Service and Motor Accidental Damage.
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"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
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