2 January, 2018
R&Q is pleased to announce it has acquired Constantia Insurance Company (Guernsey) Limited (“Constantia”), a captive company now in run-off, from Old Mutual plc (“OM”).
Regulatory approval for the acquisition has been granted and Constantia will be amalgamated into Capstan Insurance Company Limited, R&Q’s consolidation vehicle in Guernsey, subject to necessary consents.
Constantia wrote professional indemnity & crime programme insurance from 2003 to 30 April 2017 to various OM Group companies.
The agreed purchase price is £1.5m and represents a small discount to Constantia’s pro-forma net assets of £3.4m. The transaction will be settled in cash and financed from the Group’s existing resources. In the year ended 31 December 2016 Constantia reported a loss before tax of £2.4m.
Commenting on today’s announcement, Ken Randall, Chairman and Chief Executive Officer of R&Q, said: “We are delighted to have acquired Constantia and this continues to demonstrate the ability of R&Q to provide exit solutions for end of life captive insurance companies. This continues our excellent track record of acquiring captive insurance companies and we remain excited about our legacy acquisition pipeline.”
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