23rd Dec 2016 15:45
LONDON (Alliance News) - Non-life insurance Randall & Quilter Investment Holdings Ltd on Friday said it has agreed to acquire AstraZeneca Insurance Co Ltd, the captive insurer for drugmaker AstraZeneca PLC.
The AstraZeneca Insurance business was formed in 1994 and ceased active underwriting in 2004. At the end of December 2015, AstraZeneca Insurance had gross claim reserves totalling GBP15.7 million.
How much Randall & Quilter will pay for the business will depend on the outcome of its capital restructuring but will be between GBP10.2 million and GBP34.6 million.
"This is the second transaction that we have concluded with AstraZeneca to assist them exiting their captive insurance companies in run-off and further demonstrates the attractions of the Group's offerings to major corporations," said Randall & Quilter Chairman and Chief Executive Ken Randall.
By Sam Unsted; [email protected]; @SamUAtAlliance
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