• 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

Allotment of Shares
Allotment of Shares

The Company has issued and allotted a total of 735,895 new ordinary shares of 2p each (“Ordinary Shares”) to an employee as part of their remuneration package. Application has been made to the London Stock Exchange for the admission of …

Notification pursuant to AIM Rule 17
Notification pursuant to AIM Rule 17

Notification pursuant to AIM Rule 17 comprising a notification relating to a relevant change by a significant shareholder in the Company The Company was notified on 4 October that Slater now holds an aggregate of 21,649,842 ordinary shares in the …

R&Q appoints CEO for Legacy Insurance
R&Q appoints CEO for Legacy Insurance

Randall & Quilter Investment Holdings Ltd, (AIM-RQIH) (“R&Q”), the leading non-life global specialty insurance company focusing on Program Management and Legacy Insurance businesses, is pleased to announce the appointment of Andrew (Andy) Pinkes as Global CEO of R&Q’s Legacy Insurance …