19 September 2018Analysis

Accredited Insurance to acquire insurance subsidiary of MPS in run-off

Accredited Insurance (Europe) - formerly R&Q Insurance (Malta), the wholly owned European insurance subsidiary of Randall & Quilter Investment Holdings - has agreed to acquire the enter issued share capital of MPS Risk Solutions (MPSRS) from its owners The Medical Protection Society.

MPSRS was formed in January 2004 as a UK authorised insurer subsidiary of MPS.  It ceased active underwriting in October 2012. MPS is a member-owned, not-for-profit protection organisation for doctors, dentists and healthcare professionals.

MPSRS’s residual liabilities comprises primarily of professional liability exposures arising in the UK. The subsidiary had gross claim reserves as at  December 31, 2017, amounting to £2.4 million.

“We are delighted to have agreed terms to acquire MPSRS,” said Ken Randall, chairman and CEO of Randall & Quilter. “R&Q takes pride in assisting companies to dispose of companies in run-off and providing finality for the owners.”

Randall expects a number of additional acquisitions before the end of the year.