London’s Randall & Quilter Investment Holdings Ltd. said it has acquired United States Sports Insurance Co., a wholly owned captive insurer of USA Swimming Inc. for $2.1 million.
The company being acquired was incorporated originally under the laws of Barbados in 1988 and was re-domiciled in Washington D.C. effective December 31, 2014. The company reinsured a U.S. insurance company that provided coverage to USA Swimming Inc., its local swimming committees and clubs throughout the United States from 1988 to December 31, 2013.
USSIC, which is in run-off, had a total net asset value of $5.3m as at 30 June 2016, adjusted for a pre-acquisition dividend. The company generated comprehensive income of $972k for the year ended December 31, 2015.
R&Q, which owns and manages insurance companies, said it will appoint directors of USSIC from its existing staff in the U.S. and Bermuda.
R&Q’s multiple holdings include Transport Insurance Co., Grafton US Holdings, Randall & Quilter America Holdings and Accredited Holding Corp.
Ken Randall, chairman and CEO of R&Q, said the acquisition of USSIC continues his firm’s expansion in the North America, Bermuda and the Caribbean region.
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