A subsidiary of Bermudian-based insurance group Randall & Quilter Investment Holdings has bought up a Liechtenstein insurance company from its Swiss owners.

R&Q Insurance (Malta) has acquired all the issued share capital of Clariant Insurance AG, owned by Swiss specialty chemicals firm Clariant AG.

The Liechtenstein company was formed in 2005 as the captive insurers for its Swiss parent and ceased active underwriting in 2015.

The company will be relocated from Liechtenstein to Malta, where it will be Randall & Quilter group’s second European run-off consolidator, operating under the R&Q Insurance (Europe) banner.

Ken Randall, chairman of Randall & Quilter, said: “This is a further demonstration of R&Q’s capability of working with corporate captive owners to dispose of captive insurers that are no longer required for their business.”

And he signalled that the firm would continue to be on the lookout for acquisitions in the wake of European Union Solvency II requirements.

Mr Randall said: “It is one of a number of current transactions we are assessing where a corporate parent is looking to dispose of their legacy captive which is subject to implementation of Solvency II.

“This new regime is generating a number of prospects for the group across Europe and is a significant reason for the formation of a second consolidation vehicle in Malta.

“We remain excited about our legacy acquisition pipeline.”