R&Q originally announced the acquisition on 23 December 2016, subject to regulatory approval and pre-completion capital structuring.
AstraZeneca will be managed by R&Q, with the intention of transferring the remaining insurance business to one of R&Q’s consolidation vehicles.
Commenting on the acquisition, Ken Randall, chair and CEO of R&Q, said: “We are pleased to have completed this transaction with AstraZeneca UK Limited. This is the second transaction that we have concluded with AstraZeneca to assist them exiting their captive insurance companies in run-off and further demonstrates the attractions of the group’s offerings to major corporations.”
R&Q also acquired IC Insurance in 2015 from owners AstraZeneca UK and Imperial Chemicals Industries.