Randall & Quilter II Holdings Limited has agreed to acquire the entire issued share capital of The World Marine & General Insurance Co. from BHP Group Limited. WMG was incorporated in England & Wales in 1894 and was purchased in 1987 by BHP, a global minerals, oil and gas company. WMG wrote various insurance coverage and from 1987 the company provided insurance protection solely for the BHP Group until it was placed into run-off in 2001.
This is R&Q’s second acquisition agreement this week; the other involves acquiring Inceptum Insurance Co., which used to be a unit of subsidiary of HSBC Bank. R&Q’s legacy insurance unit profits from management of legacy non-life insurance portfolios.