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.
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