Investment group makes £450k Guernsey acquisition
A London-based investment group, Randall & Quilter (R&Q) has secured the entire share capital of LIMPAC Insurance company.
The bought firm, which is based in Guernsey, was purchased for a cash consideration of £450,000 from existing resources.
R&Q is an investor in non-life insurance, with a strategic policy of buying other firms to build its own capacities.
Ken Randall, chairman and chief executive of the business, said: “The purchase of LICL 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 fifth captive acquisition in 2012 and our fourth in Guernsey this year.”
The company boasts sites in the U.S, Bermuda and in Europe, and net assets of approximately £85.9m, according to its website.
Since the firm was founded in 1991, it has acquired nearly 30 businesses and currently has a team of up to 400 insurance professionals across its international bases.
This was posted in Bdaily's Members' News section by Miranda Dobson .
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