Diverse insurance group Randall & Quilter Investment (R&Q) has acquired US-based captive insurer Vigneron Insurance Company (VICI) for an undisclosed amount.
Bermuda-based R&Q completed the acquisition of VICI from a 100% owned private investment holding company with diverse holdings in an array of real estate, industries, marketable securities and other investments.
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Vigneron underwrote deductible reimbursement policies to cover the obligations under insurance policies drawn by affiliated firms.
R&Q stated that it plans to combine VICI into the company’s Vermont captive consolidator insurer, ICDC.
The merger is expected to take place in the first quarter of this year, subject to approval from the regulatory bodies.
Randall & Quilter Investment executive chairman Ken Randall said: “We are pleased to have completed the acquisition of VICI, our first transaction in Montana, and provided VICI’s parent company with legal and economic finality for its captive.
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By GlobalData“Our legacy pipeline remains strong across the Group and we look forward to closing more transactions in the coming weeks.”
In April last year, R&Q completed the acquisition of Western Captive Insurance Company (WCIC) after receiving regulatory nod from the Central Bank of Ireland.
Prior to that, in January, Accredited Insurance (Europe), a wholly-owned European subsidiary of Randall & Quilter Investment, signed a new programme underwriting agreement with UK-based CPD Underwriting Solutions.
