R&Q ACQUIRES OLD MUTUAL CAPTIVE…

Randall & Quilter (R&Q) has acquired Constantia Insurance Company, a Guernsey-based captive in run-off. The legacy specialist has agreed a £1.5m purchase price for the business with the seller, Old Mutual, and now plans to amalgamate it into its consolidation vehicle in Guernsey, Capstan Insurance Company. R&Q said it has received regulatory approval for the deal. Constantia wrote professional indemnity and crime programme insurance for various old mutual companies from 2003 to April 30 last year. For the year ended December 31, 2016, Constantia reported a pre-tax loss of £2.4m. The company has pro-forma net assets of £3.4m. R&Q said the deal will be settled in cash, and financed from its existing resources. Ken Randall, chairman and chief executive of R&Q, said the company remains excited about its legacy acquisition pipeline for 2018.