The Central Bank of Ireland has granted regulatory to approval to Randall & Quilter Investment Holdings' planned acquisition of Western Captive Insurance Company (WCIC), the Irish-domiciled captive of construction and engineering company Coffey Group.
From 2007 to 2011, WCIC wrote general and employers’ liability insurance covering various members of the Coffey Group.
R&Q will transfer the business to its Malta-based company, Accredited Insurance (Europe).
Ken Randall, chairman and CEO of R&Q, had previously suggested that a continued soft market, capital pressures from Solvency II and challenges from Brexit and BEPS are providing more opportunities for R&Q to provide either complete finality or partial relief through removal of defined portfolios.
Coffey Group, WCIC, R&Q, Run-off, Captive insurance, Ireland