Acquisition of Woodcroft Insurance Company Limited

29 August, 2013

Randall & Quilter Investment Holdings Ltd. (‘R&Q’ ) is pleased to announce that it has completed the acquisition of the entire issued share capital of Woodcroft Insurance Company Limited (“Woodcroft”), a Guernsey domiciled captive insurer.

Woodcroft was the captive insurer for John Laing plc and has been in run-off since 2012. It wrote employer’s liability, public liability and construction all risks until 2002 and wrote professional indemnity for the group in more recent years. Total claims reserves at 30 June 2013, the date of the latest available management accounts, amounted to £1.6m and the company carried a net asset value of £1.2m.  Open claims relate primarily to latent disease arising from employers liability coverage.

Commenting on today’s announcement, Ken Randall, Chairman and Chief Executive Officer of Randall & Quilter, said:

“The acquisition of Woodcroft continues to evidence the desire amongst captive owners to achieve closure where the captive is no longer underwriting yet faces a lengthy run-off from long tail liabilities.  We are pleased to have provided this exit to John Laing plc and are talking to a number of other corporates wishing to sell their captive or simply dispose of unwanted years to streamline their captive operation.”

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