Bermudian-based firm Randall & Quilter has purchased an island-based captive in run-off.

The London Stock Exchange-listed company announced this morning that it had acquired Linco Ltd, the captive insurer of Ameripride Services Inc and Alsco Inc.

The transaction is subject to regulatory approvals, anticipated within 30 days.

Linco provided reinsurance coverage to its shareholders for workers’ compensation, general and automotive liability. The captive ceased writing new business and went into run-off at the start of 1985.

The terms of the deal were not disclosed.

Ken Randall, chairman and chief executive officer of R&Q, said: “We are delighted to announce the acquisition of Linco, subject to regulatory approvals.

“This transaction continues to demonstrate our market leading position, providing captive legacy solutions across Bermuda, North America and Europe. This is further proof of our rapidly growing success in the run-off market.”

R&Q’s head office is in the FB Perry Building on Church Street, Hamilton. Its shares closed unchanged at 123.5p in London trading yesterday.