Randall & Quilter Investment Holdings confirms the acquisition of US Sports Insurance Company, LLC (USSIC), a wholly owned captive insurer of USA Swimming, Inc. (USAS).
The Company was incorporated originally under the laws of Barbados in 1988 and was re-domiciled in Washington D.C. effective December 31, 2014.
The company reinsured a US insurance company which provided coverage to USA Swimming Inc., its local swimming committees and clubs throughout the United States from 1988 to December 31, 2013.
USSIC, which is in run-off, had a total net asset value of $5.3m as at 30 June 2016, adjusted for a pre-acquisition dividend.
The company generated comprehensive income of $972k for the year ended December 31, 2015. To acquire USSIC, the total consideration paid by R&Q was $2.1m financed by a draw down on the Group's Revolving Credit Facility with the Royal Bank of Scotland.
The Directors of USSIC will be appointed from R&Q's existing staff in the US and Bermuda and there are no separate service contracts or associated remuneration.