Randall & Quilter Investment has completed the acquisition of Western Captive Insurance Company (WCIC) after receiving regulatory nod from the Central Bank of Ireland.

R&Q has revealed plans to transfer the acquired business to its Maltese rated company Accredited Insurance (Europe).

This deal will close WCIC permanently and will release its entire share capital from its owners, the Coffey Group.

However, this remains subject to receipt of approval from Irish court and the regulators.

Randall & Quilter Investment chairman and CEO Ken Randall said: “We are pleased to have completed the acquisition of WCIC.

“This transaction again demonstrates the wide range of legacy solutions that R&Q is able to deliver.”

It was in October last year that R&Q first announced its plans to pursue WCIC acquisition.

In September last year, R&Q agreed to acquire Global U.S. Holdings from AXA DBIO, a subsidiary of investment funds managed by AXA Liabilities Managers, for about $80.5m in cash.

In January this year, Accredited Insurance (Europe), a wholly-owned European subsidiary of Randall & Quilter Investment, signed a new programme underwriting agreement with UK-based CPD Underwriting Solutions.