R&Q relieves AstraZeneca of runoff captive
Randall & Quilter (R&Q) has completed its acquisition of AstraZeneca Insurance Company (AZICO), a captive insurance company in runoff and subsidiary of AstraZeneca UK.
AZICO will be managed by R&Q with the intention of undertaking a Part VII Transfer of the remaining insurance business to one of the group’s consolidation vehicles, subject to the usual regulatory and Court approvals, in due course.
“We are pleased to have completed this transaction with AstraZeneca UK," said Ken Randall, chairman and CEO of R&Q. "This is the second transaction that we have concluded with AstraZeneca to assist them exiting their captive insurance companies in run-off and further demonstrates the attractions of the Group’s offerings to major corporations.”