Randall & Quilter II Holdings Limited, a wholly owned subsidiary of Randall & Quilter Investment Holdings Ltd., has reached an agreement to acquire the entire issued share capital of The World Marine & General Insurance Company PLC (WMG) from BHP Group Limited.
BHP acquired WMG, which was established in England & Wales in 1984, in 1987. Since its incorporation, WMG wrote a range of insurance coverages and following its purchase by BHP, provided insurance cover exclusively for BHP until it was placed into run-off in 2001.
BHP is a leading resource entity with a specialist focus on the extraction and processing of minerals, oil and gas worldwide.
Paul Corver, Group Head of M&A at R&Q, commented on the deal: “We are very pleased to have agreed terms to provide an exit to BHP for their owned insurance company. BHP are one of a number of companies with whom we are discussing exit or restructuring solutions for their captives.
“Current market conditions are causing companies to look closer at the capital tied up in their captives and whether it can be released to distribute to the parent or recycled to support new business lines. Disposal of legacy liabilities can achieve either of these ambitions.
“This is our second executed acquisition agreement for a UK insurer this week, demonstrating R&Q’s reputation as a counterparty of choice in the UK market. We are expecting to announce further transactions in the coming period.”
Just yesterday, R&Q revealed that it had acquired Inceptum Insurance Company Limited, which is part of the Vibe Group of companies.
