R&Q hires Tom Solomon as CFO
ICDC, a wholly owned subsidiary of Randall & Quilter Investment Holdings based in Vermont, has entered into a stock purchase agreement to acquire NationsBuilders Insurance Company (NBIC), a Washington DC-domiciled captive, from NationsBuilders Insurance Services (NBIS).
NBIC participated as a reinsurer of the business underwritten by its parent, NBIS on casualty exposures including worker’s compensation, general liability, auto liability and inland marine until it went into run-off in 2019. The sale of NBIC provides full finality for NBIS.
The transaction is subject to customary closing conditions and regulatory approval in Washington DC and Vermont. However, Paul Corver, group head of M&A at R&Q, said: “Our track record in executing captive acquisitions in the US with our Vermont-based acquisition vehicle gives counterparties confidence in our ability to complete transactions in a timely manner.”
Corver added: “We continue to see a growing number of opportunities with respect to captive insurers as captive owners seek full finality solutions to free trapped capital, a trend we expect to continue regardless of the continuing disruption caused by the COVID-19 lockdown.”
ICDC, Randall & Quilter, R&Q, NationsBuilders Insurance Services, NBIS, Paul Corver