R&Q Acquires U.S. Sports Captive Insurer in Runoff

September 23, 2016

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.

Topics Carriers USA Mergers

Was this article valuable?

Here are more articles you may enjoy.