Paul Corver, R&Q
19 May 2021Actuarial & underwriting

Randall & Quilter acquires its second Irish captive in two years

Randall & Quilter II Holdings, the wholly owned UK subsidiary of Randall & Quilter Investment Holdings, has completed its acquisition of Electric Insurance Ireland (EII), the wholly-owned captive insurer of Electric Insurance Company (EIC).

The Central Bank of Ireland granted regulatory approval for the acquisition, which will see R&Q assume the EII’s gross reserves. These will subsequently be transferred to R&Q's primary European operation, Accredited Insurance Europe, in Malta, subject to Irish Court approval.

The acquisition is R&Q’s second Irish captive acquisition in the last two years.

EII was incorporated in Ireland in 2005 and wrote employers' liability and general liability business across Europe between 2007 and 2020, until the company was placed into run-off in January 2021.

Paul Corver, R&Q’s group head of M&A, said: "We continue to see plenty of opportunities in the captive sector as owners become more aware of the capital efficiency that can be gained by disposal of all or part of the business in their captive."