Randall & Quilter has announced the company’s first transaction in the Bermuda captive market.The UK specialist non-life insurance investor company is proposing to redomicile to Bermuda this year.The company has offices on the Island from which it operates R&Q Re. It would increase its presence by moving key executives to Bermuda if the redomiciling proposal is approved by shareholders.In a statement this week, Randall & Quilter Investment Holdings said it had reached agreement with MPPA Insurance to receive by way of novation all contracts underwritten by MPPA.“The contracts have been novated to cells in the R&Q-owned Bermuda rent-a-captive facility, R&Q Quest SAC Limited,” the statement said.“This required agreement of the two front companies; Travelers Indemnity Company and National Union Fire Insurance Company of Pittsburgh (part of AIG).”MPPA was formed in 1992 as a Class 2 Bermudian captive insurer of the Michigan Plastic Processors Association and has been in run-off since 2008.The captive wrote excess workers' compensation protecting the Michigan Plastic Processors Association’s self-insured fund. Transferred assets in the novations amounted to $4.9m for which R&Q paid a transaction fee of $3.4m. Transferring liabilities were estimated at $0.5m as at 28 February 2013.Commenting on the announcement, Ken Randall, CEO of R&Q, said: “We are delighted to have completed this transaction, which is our first for the Bermuda captive market.“Having seen success in other domiciles in the last twelve months, notably Guernsey, we are pleased to now see increasing activity from Bermuda captives looking for exit or restructuring solutions. Whether acquisition, novation or loss portfolio transfers, the Group has a suite of versatile solutions for the captive sector.”The R&O Group has a team of up to 400 insurance professionals based in the UK, USA, Bermuda, and Continental Europe with wide service capability in both the 'live' and 'run-off' market.