R&Q buys captive insurer Linco
Randall & Quilter Investment Holdings has acquired ICDC, a captive insurer of an American Fortune 500 company.
The acquisition is the second such deal in as many days for R&Q, which recently acquired Linco, a Bermuda-based captive subsidiary of Ameripride Services and Alsco.
ICDC, which is in run-off, had a total net asset value of $7.95 million as at 31 December 2016 with reserves estimated at circa $2.76 million.
The company was originally incorporated under the laws of Bermuda but re-domiciled in Vermont from June 30, 2015. It reinsured workers’ compensation, commercial general liability, business auto liability, business auto physical damage and property risks of the parent.
"We are delighted to complete the acquisition of ICDC from an American Fortune 500 company," said Ken Randall, chairman and CEO 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."
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R&Q, Runoff, M&A, ICDC, North America, Bermuda