Randall & Quilter Investment Holdings buys US insurer

AIM-listed Randall & Quilter Investment Holdings has bought ICDC, a captive insurer of a US Fortune 500 company, for an undisclosed sum.

ICDC, which is in run-off, had total net assets valued at $7.95m at the end of last year with reserves of about $2.76m.

The acquisition, which was re-domiciled in Vermont from Bermuda in June 2015, reinsured workers' compensation, commercial general liability, auto liability, auto physical damage and property risks of its parent company.

R&Q chairman and chief executive Ken Randall said: "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".