R&Q acquires Irish construction captive in run-off
R&Q Investment Holdings has entered into an agreement to acquire Western Captive Insurance Company (WCIC), an Irish-domiciled captive belong to the Coffey Group, a civil engineering, environmental and building contracting group of companies.
From 2007 to 2011, WCIC underwrote general and employers' liability insurance covering various members of the Coffey Group.
R&Q intends to transfer the business to its Maltese rated company, Accredited Insurance (Europe), subject to regulatory and Irish court approval.
“I am delighted that we have agreed the acquisition of WCIC, subject to regulatory approval, and it follows other successful deals in Ireland," said Ken Randall, chairman and CEO of R&Q. "A continued soft market, pressures on capital from Solvency II and forthcoming challenges from Brexit and base erosion and profit shifting are providing increasing opportunities for R&Q to provide either complete finality or partial relief through removal of defined portfolios.
Following the transaction, Randall hinted at further opportunities in Ireland.
“The acquisition continues to demonstrate the ability of R&Q to provide exit solutions for end of life captive insurance companies. We remain excited about our legacy acquisition pipeline,” he continued.
The deal is subject to receiving regulatory approval from the Central Bank of Ireland.