Marco Capital Holdings has closed the acquisition of Inceptum Insurance Company, a UK non-life insurance company in run-off, from R&Q Insurance Holdings.
Announced this June, the deal was completed after the receipt of all necessary regulatory approvals.
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The deal consideration was £11.25m ($14.28m) in cash, with the transaction set to bolster R&Q’s liquidity by nearly £13m.
R&Q, a specialist in the non-life insurance sector that operates in programme management and legacy insurance services, acquired Inceptum in 2020.
Inceptum had been part of HSBC Insurance (UK) until 2011 and entered run-off in 2009. Its claims portfolio is mainly focused on motor and UK Employers’ Liability.
As of 31 December 2023, Inceptum reported net assets of £19m but also disclosed a loss of £2m for the year.
The sale follows R&Q’s application for liquidation in Bermuda, a move that is expected to expedite the closure of its programme management business sale to Onex.
The board of R&Q has expressed that this path will likely provide the favourable outcome for its stakeholders.
Marco Capital CEO Simon Minshall said: “The acquisition of Inceptum, a company itself in run-off, by Marco brings financial and operational stability to a complex and challenging situation for the benefit of all stakeholders. Executing a deal in such a complex situation is an example where Marco’s technical skills, experience, track record and outstanding reputation are essential.”
