Randall & Quilter steps up acquisition activity

11th Jan 2013 07:42

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."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