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4-Traders Homepage  >  Equities  >  Nyse  >  Cummins Inc.    CMI

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Cummins : Randall & Quilter Acquires Captive Insurer ICDC

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03/22/2017 | 09:55am CET

LONDON--Insurance services company Randall & Quilter Investment Holdings Ltd. (>> Randall & Quilter Investment Hldg Ltd) said Wednesday that it has acquired ICDC Ltd., a captive insurer of engineering company Cummins Inc. (>> Cummins Inc.), for an undisclosed sum.

A captive insurance company is a company that provides risk-mitigation services for its parent company or for a group of related companies.

ICDC, which is in run-off, reinsured workers' compensation, commercial general liability, business auto liability, business auto physical damage and property risks of its parent. It had a total net asset value of $7.95 million as at Dec. 31, 2016, and reserves of around $2.76 million.

Shares of Randall & Quilter at 0837 GMT were unchanged at 124 pence.

Write to Tapan Panchal at tapan.panchal@wsj.com

Stocks mentioned in the article : Randall & Quilter Investment Hldg Ltd, Cummins Inc.
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Financials ($)
Sales 2017 17 195 M
EBIT 2017 1 912 M
Net income 2017 1 325 M
Debt 2017 408 M
Yield 2017 2,73%
P/E ratio 2017 18,89
P/E ratio 2018 16,05
EV / Sales 2017 1,51x
EV / Sales 2018 1,44x
Capitalization 25 597 M
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Mean consensus HOLD
Number of Analysts 22
Average target price 149 $
Spread / Average Target -2,0%
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NameTitle
Norman Thomas Linebarger Chairman & Chief Executive Officer
Richard Joseph Freeland President & Chief Operating Officer
Patrick Joseph Ward Chief Financial Officer & Vice President
Sherry A. Aaholm Chief Information Officer & Vice President
Jennifer W. Rumsey Chief Technical Officer & Vice President
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