R&Q to wind-up Barbadian insurer

Randall & Quilter Investment Holdings plc (R&Q) will seek to wind-up Barbadian insurer Trimac Acceptance Ltd and its wholly-owned subsidiary and captive insurer Trimac Exit Insurance Ltd after acquiring both companies.

R&Q confirmed the completion of the entire issued share capital of Trimac Acceptance and Trimac Exit Insurance from Trimac Investments Ltd Partnership in a London Stock Exchange announcement today.

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

The outstanding liabilities have now been novated with the required collateral to a newly-formed R&Q-owned cell within R&Q Quest (SAC) Ltd, the group’s cell company in Bermuda.

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

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

R&Q chairman and chief executive officer Ken Randall said: “We are pleased to have completed this acquisition which further demonstrates 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.”