Hiscox acquires MGA and high-end insurer

Hiscox Ltd. said Wednesday it had reached a preliminary agreement to acquire a managing general agent and a high-net-worth insurance company from Randall & Quilter Investment Holdings Ltd.

Hamilton, Bermuda-based Hiscox said it would acquire R&Q Marine Services, an underwriting agency specializing in yachts that generated gross written premium of £17 million ($25.7 million) in 2014 from R&Q, which also is headquartered in Hamilton.

In addition, Hiscox said it would acquire London-based Synergy Insurance Services (U.K.) Ltd., which underwrites high-value household and auto business and generated gross written premiums of £6 million ($9.1 million) in 2014.

Terms of the proposed deal were not disclosed.

Hiscox said in a statement that completion of the transaction was subject to due diligence as well as obtaining regulatory and board approval.