Randall & Quilter has completed the acquisition of AstraZeneca Insurance Company Ltd, the captive insurer of biopharmaceutical company AstraZeneca UK Ltd.

The insurance company was formed in 1993 and stopped active underwriting in 2004.

R&Q, a Bermudian-based insurance services and investment company, announced the acquisition in December, and has confirmed that all necessary approvals were received to allow the completion of the transaction on June 30.

Ken Randall, chief executive officer of R&Q, said: “This is the second transaction that we have concluded with AstraZeneca to assist them exiting their captive insurance companies in run-off and further demonstrates the attractions of the group’s offerings to major corporations.”

The company will be managed by R&Q with the intention of undertaking a Part VII transfer of the remaining insurance business to one of the group’s consolidation vehicles, subject to regulatory and court approvals.

When it announced the acquisition in December, R&Q said it expected the price to be between £10.2 million ($13.1 million) and £34.6 million ($44.7 million), depending on the outcome of capital restructuring, with the anticipated post-capital restructuring net assets to be valued between £12.9 million and £37.9 million.