Capstan marks R&Q’s third Guernsey acquisition in 2012

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Randall & Quilter Investment Holdings has completed the acquisition of Guernsey-based captive insurer Capstan Insurance Company.

R&Q has acquired the entire issued chare capital in the firm owned by Roger and Elizabeth Bullivant.

Capstan has been in run-off since October 2010 and previously wrote professional indemnity and product liability for Roger Bullivant Ltd and its subsidiaries, a building foundation company

Capstan’s net asset value is estimated at about £5.4m, according to the latest company accounts. The firm was acquired by R&Q at discount to NAV.

R&Q chairman and chief executive Ken Randall said: “This will be our fourth captive acquisition in 2012 and our third in Guernsey this year.

“The acquisition of Capstan further evidences the increasing level of acquisition activity we are seeing as a group.”

Details of the cost of the deal were not disclosed.