Randall & Quilter Investment Holdings Ltd. (R&Q) announced the acquisition of ICDC Ltd., a captive insurer of an American Fortune 500 company, for an undisclosed sum.
The name of the former parent of the captive was not released.
The company, originally incorporated under the laws of Bermuda, was re-domiciled in Vermont effective June 30, 2015. The company reinsured workers’ compensation, commercial general liability, business auto liability, business auto physical damage and property risks of the parent.
ICDC, which is in run-off, had a total net asset value of $7.95 million as at Dec. 31, 2016 with reserves estimated at circa $2.76 million.
“We are delighted to complete the acquisition of ICDC from an American Fortune 500 company,” said Ken Randall, chairman and chief executive officer of R&Q.
“This transaction demonstrates our ongoing commitment to continue to acquire legacy insurance assets and also continues to expand our acquisition activity in the North America, Bermuda and the Caribbean region,” he added.
Source: Randall & Quilter Investment Holdings