A statement has been released by Randall & Quilter Investment Holdings Ltd. (R&Q) disclosing the completion of its acquisition of NationsBuilders Insurance Company (NBIC).
Back in June, R&Q declared that it was entering into a stock purchase agreement to acquire NationsBuilders Insurance Company.
Paul Corver, Group Head of M&A at R&Q, commented: “We are pleased to have completed the acquisition of NBIC. This marks our third captive legacy acquisition in 2020. R&Q is well positioned to take on books of business of all sizes and we expect to announce further legacy transactions before the end of the year.”
NBIC has previously participated as a reinsurer of the business that was underwritten by NationsBuilders Insurance Services, Inc. (NBIS) on casualty exposures, including workers’ compensation, general liability, auto liability and inland marine. However, in 2019 it went into run-off.
R&Q’s acquisition of NBIC will ultimately provide a full finality for its parent company, NBIS.
