Woodcroft Insurance was placed into run-off in 2012
Run-off buyer (R&Q) has bought Guernsey-based captive insurer Woodcroft Insurance Company.
Woodcroft, which was placed into run-off in 2012, was the captive insurer for infrastructure developer John Laing.
It wrote employer’s liability, public liability and construction all risks until 2002 and wrote professional indemnity for the group in more recent years.
Total claims reserves at 30 June 2013, the date of the latest available management accounts, were £1.6m and the company’s net asset value was £1.2m.
The captive’s outstanding claims relate primarily to latent disease arising from employer’s liability coverage.
R&Q chief executive Ken Randall said: “The acquisition of Woodcroft continues to evidence the desire among captive owners to achieve closure where the captive is no longer underwriting yet faces a lengthy run-off from long tail liabilities.
“We are pleased to have provided this exit to John Laing and are talking to a number of other corporates wishing to sell their captive or simply dispose of unwanted years to streamline their captive operation.”
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