Run-off specialist will roll Trimac into its own Bermudian business
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.”
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