Randall & Quilter Investment Holdings Ltd. (R&Q) has announced the acquisition of Constantia Insurance Company (Guernsey) Limited, from Old Mutual plc for £1.5 million (US$2mn).
R&Q has received regulatory approval to acquire the company, which is now in run-off, and Constantia will be amalgamated into Capstan Insurance Company Limited, R&Q’s consolidation vehicle domiciled in Guernsey.
Constantia underwrote professional indemnity & crime programme insurance from 2003 to 30th April, 2017, to a number of Old Mutual Group firms.
“We are delighted to have acquired Constantia and this continues to demonstrate the ability of R&Q to provide exit solutions for end of life captive insurance companies. This continues our excellent track record of acquiring captive insurance companies and we remain excited about our legacy acquisition pipeline,” said Ken Randall, Chairman and Chief Executive Officer (CEO) of R&Q.
The acquisition price is £1.5 million, and represents a small discount to Constantia’s pro-forma net assets of £3.4 million (US$4.6mn).