Nonlife insurance group Randall & Quilter Investment (R&Q) has acquired entire issued share capital of Hickson Insurance Limited (HIL).
The acquirer purchased the shares for pound 525,000, from owner Hickson Investments, (an affiliate of the Lonza Group). HIL has been in runoff since 2002.
The Isle of Man-domiciled captive underwriter has written several types of businesses from 1988 including public and products liability, property, general liability, marine, death in service and motor accidental damage.
R&Q chairman and chief executive officer Ken Randall said the acquisition of HIL will improve its ability to offer attractive exit solutions for captive owners who placed their captives in run-off or are contemplating ceasing writing new business.
Since inception, R&Q has been engaged in creating various investment activities and services in the global non-life insurance market and is focused on insurance investments, underwriting management & captives and insurance services.
The group manages a team of up to 400 insurance professionals based in the UK, the US, Bermuda, and Continental Europe with wide service capability in both the 'live' and 'run-off' market.
