19/08/2009
UK firm Randall & Quilter (R&Q) is on the verge of acquiring run-off assets from reinsurance broker RK Carvill.
The agreement, currently undergoing due diligence and regulatory scrutiny, would see R&Q take on RK Carvill & Co and Carvill America, along with its Syndicated Services Company, according to a report by The Insurance Insider.
The venture comes after Carvill Group chairman, Rory Carvill, reportedly announced in a letter to clients that, from April 1, the Group would no longer place or renew business into the subsidiaries as a result of “external changes affecting our industry”.
The deal will be R&Q’s second captive run off acquisition this year, after it took on the Woolworths Group captive in June.
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WELCOME TO THE Captive Review Cell Company Handbook 2009 – the second edition of our global directory of cell company jurisdictions. Since we last published this directory, the general attitude toward cell companies seems to have shifted up a gear. Whereas single-parent companies have long ruled the captive roost, a slight uptick in the formation of pure captives at the beginning of this year can’t hide the fact that growth in this market is still sluggish.
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We at Captive Review are keeping a close eye on Malta, not only because of its reputation as a high-quality captive domicile, but also because it is on the forefront of Solvency II.
Originally planned as an insurance and reinsurance directive, Solvency II has undoubtedly unnerved the captive insurance industry.
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