• Strategy
  • Innovation
  • Expertise

R&Q completes acquisition of USA Swimming captive insurance company

23 September, 2016

Randall & Quilter Investment Holdings Ltd. (“R&Q”) is pleased to announce the acquisition of United States Sports Insurance Company, LLC (“USSIC” or the “Company”); a wholly owned captive insurer of USA Swimming, Inc. (“USAS”).

The Company was incorporated originally under the laws of Barbados in 1988 and was re-domiciled in Washington D.C. effective December 31, 2014. The company reinsured a US insurance company which provided coverage to USA Swimming Inc., its local swimming committees and clubs throughout the United States from 1988 to December 31, 2013.

USSIC, which is in run-off, had a total net asset value of $5.3m as at 30 June 2016, adjusted for a pre-acquisition dividend. The company generated comprehensive income of $972k for the year ended December 31, 2015. To acquire USSIC, the total consideration paid by R&Q was $2.1m financed by a draw down on the Group’s Revolving Credit Facility with the Royal Bank of Scotland.

The Directors of USSIC will be appointed from R&Q’s existing staff in the US and Bermuda and there are no separate service contracts or associated remuneration.

Ken Randall, Chairman and Chief Executive Officer of R&Q, commented “We are delighted to complete the acquisition of USSIC. This transaction demonstrates our ongoing commitment to continue to acquire legacy insurance assets and also continues to expand our acquisition activity in the North America, Bermuda and the Caribbean region”.

Click here for the full Press Release

R&Q completes acquisition of USA Swimming captive insurance company

Latest News

Notice of AGM and Proposed Return of Capital June 2019
Notice of AGM and Proposed Return of Capital June 2019

Following the announcement of the Group’s full year results on 29 April 2019, the Board of Randall & Quilter Investment Holdings Ltd. (AIM:RQIH) (“Company”), the specialist non-life insurance investor, service provider and underwriting manager, is pleased to confirm that a …

Directors’ Shareholding/Total Voting Rights
Directors’ Shareholding/Total Voting Rights

The Company has been notified that on 3 May 2019 Kenneth Randall, Chairman and Chief Executive Officer of the Company, sold 3,000,000 of his holding of ordinary shares in the Company. Mr Randall continues to hold 11,428,186 ordinary shares which …

Board Appointment
Board Appointment

Randall & Quilter Investment Holdings Ltd., the non-life legacy insurance investor and capacity provider of US European MGA program business, is pleased to announce the appointment of Joanne (‘Jo’) Patricia Fox to the Board as a non-executive director of the …