R&Q buys captive insurer Linco
Randall & Quilter American Holdings has announced the signing of the sale and purchase agreement to acquire Linco, a wholly owned captive insurer of Ameripride Services and Alsco which is based in Bermuda.
The transaction is subject to regulatory approvals, which R&Q said it expects to get within 30 days.
Linco went into runoff at the start of 1985 and provided reinsurance coverage to its shareholders for worker’s compensation, general and automotive liability.
"We are delighted to announce the acquisition of Linco, subject to regulatory approvals," said Ken Randall, chairman and CEO of R&Q. "This transaction continues to demonstrate our market leading position, providing captive legacy solutions across Bermuda, North America and Europe. This is further proof of our rapidly growing success in the run-off market."
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