Run-off buyer paid £525,000 for closed firm

Isle of Man flag

Run-off buyer Randall & Quilter (R&Q) has bought Isle of Man-based captive Hickson Insurance (HIL) for £525,000.

This is R&Q’s first captive acquisition in Isle of Man.

The captive was owned by Hickson Investments, an affiliate of the Lonza Group.

HIL has been in run-off since 2002. It wrote a mixed book of business starting from 1998, including and product liability, property, general liability, marine, death in service and motor accidental damage.

As at 31 December 2011, the date of the latest available accounts, there were no longer any insurance reserves, given the maturity of the run-off and cessation of claims notifications.

R&Q chief executive Ken Randall said: “The purchase of HIL 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.”