A UK subsidiary of Bermudian-based Randall & Quilter Investment Holdings Ltd has acquired an Irish captive insurer.

R&Q said Randall & Quilter II Holdings Ltd has received regulatory approval from the Central Bank of Ireland and has completed the acquisition of Electric Insurance Ireland DAC.

EIIDAC, which was wholly-owned by Electric Insurance Company, 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 of this year, R&Q said.

R&Q said the acquisition will see it assume EIIDAC’s gross reserves, which will be subsequently transferred, subject to Irish Court approval, to R&Q’s primary European operation, Accredited Insurance Europe Limited in Malta.

Paul Corver, group head of M&A at R&Q, said: “We are delighted to have finalised this acquisition which is our second Irish captive acquisition in as many years.

“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.”

R&Q is a non-life global specialty insurance company focusing on programme management and legacy insurance businesses.

Headquartered and operating in Bermuda with extensive operations in the US and Europe, it provides finality solutions for run-off portfolios and global programme capacity for MGAs and their reinsurers.