14th Apr 2020 18:53
(Alliance News) - Randall & Quilter Investment Holdings Ltd said Tuesday it has agreed to acquire the ICI Insurance Co Ltd from UK chemicals firm Imperial Chemical Industries Ltd for an undisclosed sum.
ICI Insurance is licensed in the Cayman Islands as a Class B i insurer, and its residual liabilities comprise mainly of US Workers Compensation and General Liability claims.
Class B i insurers carry on non-domestic insurance business in respect of which at least 95% of net written premiums will originate from the insurer's related business.
"We are delighted to have agreed terms to acquire ICIICL. This is another acquisition for R&Q that demonstrates the ability to assist companies in finalising legacy long tail exposures. R&Q takes pride in providing finality for captive owners either through outright acquisition or partial structured solutions such as reinsurance or novation," said Paul Corver, head of M&A.
Shares in Randall & Quilter closed 0.7% higher at 147.50 pence on Tuesday in London.
By Dayo Laniyan; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
RQIH.L