Run-off specialist makes third 2012 captive acquisition
Randall & Quilter Investment Holdings (R&Q) has bought the entire issued share capital of Guernsey-domiciled captive RAB Insurance from Drakelow Development Holdings.
RAB has been in run-off since October 2011, but wrote employer’s liability, product liability and constructors all risks for construction firm Roger Bullivant, sold by Drakelow in July 2011.
The net asset value of RAB is around £950,000, according to a London Stock Exchange announcement on the sale. But R&Q bought RAB for less than this.
R&Q chairman and chief executive Ken Randall said: “The acquisition of RAB further evidences the increasing level of acquisition activity we are seeing as a group.
“This will be our third captive acquisition in 2012 and our second in Guernsey this year.”
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