Randall & Quilter acquires all of Clariant Insurance

5th Jan 2017 14:07

(ShareCast News) - Randall & Quilter Investment Holdings subsidiary R&Q Insurance Malta announced on Thursday that it has acquired the entire issued share capital of Clariant Insurance from its owners Clariant AG.The AIM-traded firm said CI was formed in 2005 as the Liechtenstein registered captive insurer for the Swiss specialty chemical company, Clariant, and it ceased active underwriting in 2015.CI primarily underwrote the high layer excess products and general liability protections for the Clariant worldwide group.The acquired company is being relocated to Malta where it will become the group's second European run-off consolidator operating under the name R&Q Insurance (Europe)."We are delighted to have entered into an agreement to acquire Clariant Insurance," said chairman and chief executive Ken Randall."This is a further demonstration of R&Q's capability of working with corporate captive owners to dispose of captive insurers that are no longer required for their business; it is one of a number of current transactions we are assessing where a corporate parent is looking to dispose of their legacy captive which is subject to implementation of Solvency II."This new regime is generating a number of prospects for the group across Europe and is a significant reason for the formation of a second consolidation vehicle in Malta."