R&Q strikes two legacy deals
Bermudian-based Randall & Quilter Investment Holdings has completed deals allowing a self-insurer and a captive to exit workers’ compensation liabilities.
The first transaction involves an R&Q carrier Accredited Surety and Casualty Company assuming the workers’ compensation liabilities of a Vermont-based self-insurer.
“The transaction provided full finality to the self-insurer and has removed the barrier for the ultimate dissolution of its workers’ compensation trust,” R&Q stated.
This is R&Q’s sixth transaction with a self-insurer in the space of two years.
R&Q also announced the novation of reinsurance policies issued between 2002 and 2009 from a Caymanian-domiciled group captive.
The policies were novated into the R&Q-owned segregated account company, R&Q Bermuda (SAC) Ltd.
The group captive provided workers’ compensation coverage to its members throughout the US.
Ken Randall, chairman and chief executive officer of R&Q, said: “These two transactions demonstrate our ability to once again provide exit solutions to the self-insurance space and reinforces our market leading position in providing captive exit solutions.”
London Stock Exchange-listed R&Q closed unchanged on 171p yesterday. The stock has risen 20.4 per cent over the past 12 months.
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