Randall & Quilter acquires Irish insurance firm

Run-off insurance investor Randall & Quilter completed its acquisition of Irish insurance firm Western Captive Insurance Company on Monday.

R&Q snapped up the insurance firm from its parent company The Coffey Group, and intends to transfer the group from the Emerald Isle to its Maltese rated company, Accredited Insurance, subject to regulatory and Irish court approval.

Following the necessary approval, WCIC will close.

The AIM-listed group acquired Dutch insurance outfit Nationale-Nederlanden Internationale Schadeverzekering less than a month ago, renaming it R&Q Epsilon Company and moving its remaining insurance business to one of its consolidation vehicles.

Chairman Ken Randall said: "We are pleased to have completed the acquisition of WCIC. This transaction again demonstrates the wide range of legacy solutions that R&Q is able to deliver."

As of 0900 BST, R&Q shares had picked up 1.41% to 161.75p.