Non-life legacy insurance investor Randall & Quilter has announced the acquisition of a captive insurer domiciled in Vermont.
The company, which is now in run-off, wrote workers’ compensation, general and auto liability coverage to its parent and affiliates.
The acquisition, which has already been approved by the Vermont Department of Insurance, is expected to provide full legal finality.
Following the transaction, R&Q will merge the newly acquired company into R&Q’s Vermont captive consolidator insurer ICDC Ltd.
“We are pleased to have completed this acquisition which required collaboration amongst R&Q, the fronting carriers, and the seller in order to provide full finality,” said Paul Corver, Group Head of M&A at R&Q.
“This marks the third captive acquisition so far in 2020 and we are delighted to continue to serve the captive market, throughout a variety of domiciles in North America.”