Randall & Quilter II Holdings Limited, the wholly owned UK subsidiary of Randall & Quilter Investment Holdings Ltd (R&Q), has now completed its acquisition of Electric Insurance Ireland DAC, a wholly owned captive insurer of Electric Insurance Company.
The deal has been finalised following the receipt of regulatory approval from the Central Bank of Ireland.
Electric Insurance Ireland DAC was established in Ireland in 2005 and was an underwriter of Employers’ Liability and General Liability business across Europe between 2007 and 2020, before being placed into run-off in January 2021.
The takeover sees R&Q assume the company’s gross reserves, which will later be transferred, subject to Irish Court approval, to R&Q’s primary European business, Accredited Insurance Europe Limited in Malta.
Paul Corver, Group Head of M&A at R&Q, commented: “We are delighted to have finalised this acquisition which is our second Irish captive acquisition in as many years.
“We continue to see plenty of opportunities in the captive sector as owners become more aware of the capital efficiency that can be gained by disposal of all or part of the business in their captive.”
