Randall & Quilter American Holdings Inc., the U.S. subsidiary of specialist non-life insurance investor, service provider and underwriting manager, Randall & Quilter Investment Holdings (R&Q), has announced the acquisition of Bermuda captive Linco Limited.
Domiciled in Bermuda, Linco provided reinsurance protection to its shareholders for workers’ compensation, general and automotive liability, and went into run-off January 1st, 1985. The company is a wholly owned captive insurance entity of Ameripride Services Inc. and Alsco Inc.
R&Q’s acquisition of Linco remains subject to regulatory approval, which is expected within 30 days, although terms of the transaction were not disclosed.
Commenting on the deal, Chairman and Chief Executive Officer (CEO) of R&Q, Ken Randall, said; “We are delighted to announce the acquisition of Linco, subject to regulatory approvals. This transaction continues to demonstrate our market leading position, providing captive legacy solutions across Bermuda, North America and Europe. This is further proof of our rapidly growing success in the run-off market.”