R&Q acquires Bermuda captive in runoff
21-03-2017
Randall & Quilter (R&Q) has completed its acquisition of ICDC, a captive subsidiary of Cummins, an American Fortune 500 company that distributes engines, filtration, and power generation products.
ICDC is currently in run off, and had a net asset value of $7.95 million as of 31 December 2016 with reserves estimated at circa $2.76 million.
The captive insurer was originally incorporated under Bermuda law, but was re-domiciled in Vermont on June 30, 2015.
This follows R&Q’s recent acquisition of Linco, a Bermuda-based captive subsidiary of Ameripride Services and Alsco.
ICDC reinsured workers’ compensation, commercial general liability, business auto liability, business auto physical damage and property risks of Cummins.
"We are delighted to complete the acquisition of ICDC from an American Fortune 500 company,” said Ken Randall, chairman and CEO of R&Q.
“This transaction demonstrates our ongoing commitment to continue to acquire legacy insurance assets and also continues to expand our acquisition activity in the North America, Bermuda and the Caribbean region".
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R&Q, Runoff, M&A, ICDC, Cummins, North America, Bermuda
