Randall & Quilter II Holdings Limited has agreed to acquire the entire issued share capital of Inceptum Insurance Co.
Inceptum is closed to new business and the company’s principal activities are the run-off of general insurance business, settling claims and expenses within the established reserves. Inceptum recorded a loss in 2019 (£588k compared to a profit in 2018 of £160k) due largely to an increase in gross outstanding reserves not being matched proportionally by reinsurance recoveries.
Inceptum was incorporated in England and Wales in 1998. According to its 2019 financial status report, Inceptum has its origins as HSBC Insurance Limited, a subsidiary of HSBC Bank. This subsidiary wrote personal and commercial UK motor business. A small volume of household and schools business was also underwritten. In 2009, HSBC decided to return to core business. That decision, combined with deteriorating results, led to the cessation of underwriting. In 2011 the business was acquired in its entirety by Syndicate Holding Corp., a Puerto Rican holding company.
Inceptum is part of the Vibe Group of companies.
Paul Corver, group head of Mergers & Acquisitions, said R&Q is seeing “clear evidence of increased demand for legacy solutions throughout 2020” and R&Q has a “healthy pipeline of opportunities and a number of further transactions which are nearing completion.”
R&Q’s legacy insurance unit profits from management of legacy non-life insurance portfolios.
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