Randall & Quilter acquires BHP's World Marine & General Insurance

Specialty insurance company Randall & Quilter said on Thursday that it had agreed to acquire World Marine & General Insurance from resources giant BHP.

Randall & Quilter said the acquisition was a result of current market conditions, which it highlighted were causing companies to look closer at capital tied up in their captive businesses as part of an effort to release funds to distribute to their parent companies.

The addition of WMG was the AIM-listed group's second such executed acquisition agreement for a UK insurer this week, with the company expecting to announce even further transactions in "the coming period".

Paul Corver, R&Q's head of mergers and acquisitions, said: "We are very pleased to have agreed terms to provide an exit to BHP for their owned insurance company.

"BHP are one of a number of companies with whom we are discussing exit or restructuring solutions for their captives."

As of 1330 BST, R&Q shares were up 0.56% at 158.88p.