Randall & Quilter Investment Holdings (R&Q) has announced its acquisition of American Fortune 500 captive insurer, ICDC.
ICDC reinsured its parent company for workers’ compensation, commercial general liability, business auto liability, business auto physical damage and property risks.
As of 31st December 2016 it had a total net asset value of $7.95 million, with reserves estimated at $2.76 million.
Ken Randall, Chairman and Chief Executive Officer (CEO) of R&Q, commented; “We are delighted to complete the acquisition of ICDC from an American Fortune 500 company.
“This transaction demonstrates our ongoing commitment to continue to acquire legacy insurance assets and also continues to expand our acquisition activity in the North America, Bermuda and the Caribbean region.”
The captive was originally incorporated under the laws of Bermuda, but moved to Vermont in June 2015.