Randall & Quilter receives approval for Irish acquisition

Insurance firm Randall & Quilter has received regulatory approval from the Central Bank of Ireland to complete its acquisition of Electric Insurance Ireland DAC, a wholly-owned captive insurer of Electric Insurance Company.

Randall & Quilter said on Wednesday that the acquisition would see it assume EIIDAC's gross reserves, which will be subsequently transferred, subject to Irish Court approval, to R&Q's primary European operation, Accredited Insurance Europe in Malta.

Paul Corver, Randall & Quilter's head of mergers and acquisitions, said: "We are delighted to have finalised this acquisition which is our second Irish captive acquisition in as many years.

"We continue to see plenty of opportunities in the captive sector as owners become more aware of the capital efficiency that can be gained by disposal of all or part of the business in their captive."

As of 1330 BST, Randall & Quilter shares were down 2.04% at 168.0p.