R&Q Insurance (Malta) Ltd. (R&Q) announced it has acquired the entire issued share capital of Clariant Insurance AG from its owners Clariant AG.
Clariant Insurance, or CI, was formed in 2005 as the Liechtenstein registered captive insurer for the Swiss specialty chemical company, Clariant. It ceased active underwriting in 2015.
CI primarily underwrote the high layer excess products and general liability protections for the Clariant worldwide group, R&Q explained in a statement.
The acquired company is being relocated to Malta where it will operate under the name R&Q Insurance (Europe) Ltd., the company said.
“We are delighted to have entered into an agreement to acquire Clariant Insurance,” commented Ken Randall, chairman and chief executive officer of Randall & Quilter.
“This is a further demonstration of R&Q’s capability of working with corporate captive owners to dispose of captive insurers that are no longer required for their business; it is one of a number of current transactions we are assessing where a corporate parent is looking to dispose of their legacy captive which is subject to implementation of Solvency II,” he said.
Randall added that Solvency II is generating a number of prospects for the group across Europe and is a principal reason for the formation of a consolidation vehicle in Malta. “We remain excited about our legacy acquisition pipeline.”
Source: Randall & Quilter
Was this article valuable?
Here are more articles you may enjoy.