19 May 2021News

Randall & Quilter snaps up Irish captive

Randall & Quilter Investment Holdings has completed its acquisition of Electric Insurance Ireland (EII), the captive insurer of Electric Insurance Company (EIC), marking its second acquisition of an Irish captive in two years.

The acquisition was made by Randall & Quilter II Holdings, R&Q’s wholly owned UK subsidiary. R&Q assumes EII’s gross reserves, which will be transferred to R&Q's primary European operation, Accredited Insurance Europe, in Malta, subject to Irish Court approval.

EII was incorporated in Ireland in 2005 and wrote employers' liability and general liability business across Europe between 2007 and 2020, until the company was placed into run-off in January 2021.

Paul Corver, R&Q’s group head of M&A, said: "We continue to see plenty of opportunities in the captive sector as owners become more aware of the capital efficiency that can be gained by disposal of all or part of the business in their captive."