Randall & Quilter Investment Holdings plc Acquires Hickson Insurance Limited
Randall & Quilter Investment Holdings plc ("R&Q" or the "Group") is pleased to announce that it has completed the acquisition of the entire issued share capital of Hickson Insurance Limited ("HIL"), an Isle of Man domiciled captive insurer, from the owner Hickson Investments Limited (an affiliate of the Lonza Group).
HIL has been in run-off since 2002 and wrote a mixed book of business from 1988, including Public and Products Liability, Property, General Liability, Marine, Death in Service and Motor Accidental Damage. As at 31 December, 2011, the date of the latest available accounts, there were no longer any insurance reserves, given the maturity of the run-off and cessation of claims notifications. Randall & Quilter purchased the shares for £525,000.
Commenting on today's announcement, Ken Randall, Chairman and Chief Executive Officer of Randall & Quilter, said:
"The purchase of HIL further evidences the increasing level of acquisition activity we are seeing as a Group. It also continues to demonstrate our ability to provide attractive exit solutions for captive owners who have put their captives in run-off or are contemplating ceasing writing new business. This will be our first captive acquistion in the Isle of Man."