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Member, Beacon International Group, Ltd.
Randall & Quilter Investment Holdings Ltd. said Wednesday that it has acquired ICDC Ltd., a captive insurer owned by Columbus, Indiana-based engine manufacturer Cummins Inc.
Terms of the deal were not disclosed.
ICDC, originally incorporated under the laws of Bermuda, was redomiciled in Vermont in 2015. The captive reinsured workers compensation, commercial general liability, business auto liability, business auto physical damage and property risks for its Fortune 500 owner, Hamilton, Bermuda-based Randall & Quilter said in a statement.
Now in runoff, it had a total net asset value of $7.95 million reserves estimated at about $2.76 million, according the statement.
Runoff specialist Catalina Holdings (Bermuda) Ltd. plans to make more acquisitions in the future, The Royal Gazette reports. Chris Fagan, chairman and chief executive of Catalina, said that the company's institutional investors had committed $300 million of additional equity capital to help fund future acquisitions. "We continue to see opportunities in Bermuda, the United States, across Europe and increasingly in the Far East and some less well-developed markets" Mr. Fagan said.