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Randall & Quilter Investment Holdings Ltd., a Bermuda-based company that specializes in insurance acquisitions, said it has signed an agreement to acquire IC Insurance Ltd. from indirect owners AstraZeneca U.K. Ltd. and Imperial Chemical Industries Ltd.
The purchase price was £17 million ($26.3 million), Randall & Quilter said Tuesday in a statement.
IC Insurance, formed in 1926 as a captive insurer for Imperial Chemical Industries, stopped underwriting in 1996.
The captive’s liabilities are mostly workers compensation reinsurance of the United Insurance Co. Ltd. pooling facility, the statement said. As of the end of 2014, IC Insurance had claim reserves of £1.9 million ($3.0 million) and shareholder funds of £22.5 million ($35.1 million).
“This is one of a number of current transactions we are assessing where a corporate parent is looking to dispose of their legacy captive prior to the implementation of Solvency II,” Randall & Quilter Chairman and CEO Ken Randall said in statement.
Colombian firms are considering Bermuda to as a captive domicile, reported The Royal Gazette.