R&Q buys Trimac Acceptance and Trimac Exit for $2.7m

Run-off specialist Randall & Quilter Investment Holdings (R&Q) has signed a deal to buy all the issued share capital of insurer Trimac Acceptance and its captive arm, Trimac Exit Insurance, from Trimac Investments Limited Partnership.

R&Q paid $2.7m (£1.68m) in cash for the acquisitions, though this figure may change depending on the firms’ final completion accounts.

Trimac Exit, domiciled in Barbados, has been in run-off since 1996 and wrote general liability risks for the Trimac group’s US operations.

R&Q will manage the run-off of both companies by building Trimac into its own captive insurance business in Bermuda.

R&Q chairman and chief executive Ken Randall said: “The acquisition of Trimac Acceptance and Trimac Exit demonstrates further 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.”