30 June, 2017
On 23 December 2016, R&Q announced the acquisition of AstraZeneca Insurance Company Limited (‘AZICO’) subject to regulatory approval and a pre-completion capital restructuring. R&Q is now pleased to announce that all necessary approvals have been received and the transaction completed on 30 June 2017.
The Company will be managed by R&Q with the intention of undertaking a Part VII Transfer of the remaining insurance business to one of the Group’s consolidation vehicles, subject to the usual regulatory and Court approvals, in due course.
Commenting on today’s announcement, Ken Randall, Chairman and Chief Executive Officer of Randall & Quilter, said:
“We are pleased to have completed this transaction with AstraZeneca UK Limited. This is the second transaction that we have concluded with AstraZeneca to assist them exiting their captive insurance companies in run-off and further demonstrates the attractions of the Group’s offerings to major corporations.”
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