Randall & Quilter Insurance (Malta) (RQIM) has completed the acquisition of 100 percent of the issued share capital of Clariant Insurance (CI) that was formed by Swiss specialty chemical company Clariant in 2005.
Following the acquisition, the Liechtenstein-registered captive insurer CI will relocate to Malta, operating under the name R&Q Insurance (Europe), and becoming groups’s second European run-off insurance consolidator.
Prior to ceasing its underwriting business in 2015, CI underwrote the high layer excess products and general liability protections for the Clariant worldwide group.
Ken Randall, chairman and chief executive officer of Randall & Quilter, said: “We are delighted to have entered into an agreement to acquire Clariant Insurance. This is a further demonstration of R&Q’s capability of working with corporate captive owners to dispose of captive insurers that are no longer required for their business; it is one of a number of current transactions we are assessing where a corporate parent is looking to dispose of their legacy captive which is subject to implementation of Solvency II.
"This new regime is generating a number of prospects for the group across Europe and is a significant reason for the formation of a second consolidation vehicle in Malta. We remain excited about our legacy acquisition pipeline.”
Randall & Quilter, Clariant Insurance, Acquisition, Captive insurance, Ken Randall, Europe