Randall & Quilter II Holdings, a wholly owned subsidiary of Randall & Quilter Investment Holdings, has completed the acquisition of Marillac Insurance Company, the Cayman captive insurer of Verity Health System of California.
The transaction has received bankruptcy court and all regulatory approvals and was R&Q’s second Cayman captive acquisition of 2020. R&Q paid $2.3 million to acquire 100 percent of the equity in Marillac, in addition to other non-cash consideration.
Marillac, which is now in run-off, had previously provided workers’ compensation, professional and general liability coverage to its parent, affiliates and employees.
Ken Randall, executive chairman at R&Q, said: "This transaction demonstrates the continued demand for full finality solutions to captive insurance owners and R&Q's ability to provide certainty of closure to our counterparties."
Randall & Quilter Investment Holdings, Verity Health System of California, Marillac Insurance Company, Ken Randall