R&Q ACQUIRES VIBE LLOYD’S LEGACY BUSINESS

Randall & Quilter Investment Holdings (R&Q) has acquired the Lloyd’s interests of Vibe. The legacy specialist has agreed to acquire Vibe Syndicate Management Ltd, together with Vibe Services Management Ltd and Vibe Corporate Member Ltd from Syndicate Holding Corp for £25m in cash. Vibe Syndicate 5678 was placed into runoff in December 2019. R&Q will assume responsibility for the run-off of the syndicate, which carried net insurance liabilities of £251.1m as at June 30, 2020. Separately, R&Q announced it has acquired Marillac Insurance Company, the Cayman captive insurer of Verity Health System of California, for $2.3m. Marillac, which is now in runoff, had previously provided workers compensation, professional and general liability coverage to its parent, affiliates and employees. R&Q also completed a loss portfolio transfer from Pacific Pioneer Insurance Company (PPIC) as part of PPIC’s sale to a third party.