Bermuda-based re/insurer Hiscox Ltd has agreed to buy two UK-based businesses from Randall & Quilter Investment Holdings Ltd to beef up its specialty insurance offerings for wealthy clients.

Randall & Quilter is also a Bermuda company, having redomiciled from the UK 18 months ago. The two businesses Hiscox intends to acquire are managing general agent R&Q Marine Services Ltd (RQMS) and the business of Synergy Insurance Services (UK) Ltd (Synergy).

RQMS is an underwriting agency specialising in yachts and the general marine leisure industry, with business totalling £17 million ($25.9 million) of gross written premiums in 2014.

Hiscox describes Synergy as a specialist high net worth insurance provider with a book of high value household and motor business totalling £6 million ($9.1 million) of gross written premiums in 2014.

“This agreement is in line with Hiscox’s long-standing strategy of growing a balanced portfolio of specialist insurance businesses and will complement its existing capabilities in the high net worth space,” Hiscox said in a statement released today.

“It is Hiscox’s intention to bring these businesses under the Hiscox brand and where appropriate to continue to underwrite them as an MGA on behalf of Hiscox and other carriers.”

The terms of the deal were not disclosed.

Hiscox works out of offices in Wessex House, in Reid Street, while R&Q is based in the FB Perry Building in Church Street.

The is subject to the completion of due diligence, obtaining the appropriate regulatory permissions and board approval.