R&Q announces two deals in two days
Randall & Quilter Investment Holdings Ltd has announced two loss portfolio transfer reinsurance contracts in successive days.
The deals will transfer around $90 million in undiscounted liabilities to the Bermudian-based insurance services and investment company.
The first LPT, announced yesterday, involves a reinsurance contract to assume a bonds portfolio issued by what the firm describes only as “a Fortune 500 insurance group”.
The estimated undiscounted liabilities assumed are $46.5 million. R&Q worked with Guy Carpenter to complete the transaction.
Ken Randall, chairman and chief executive officer of R&Q, said: “We are delighted to complete this LPT of surety business, a special focus of Accredited Surety & Casualty, our A- rated US admitted carrier. This transaction demonstrates our ongoing commitment to expand our legacy liability solutions to counterparties within the North American market.”
The second LPT, announced today, involves a reinsurance contract to cover the livery, trucking, and contractors’ liability programmes issued between 2007 and 2015 by a California-based insurance group. As part of the deal, R&Q will assume the claims handling responsibilities for the carrier.
The estimated undiscounted liabilities assumed are around $43 million, the company said. R&Q worked in conjunction with Willis Re to complete the transaction.
Mr Randall said: “We are pleased to provide a solution incorporating claims handling with a traditional LPT contract, which further demonstrates our ability to provide exit solutions to counterparties.
“This LPT demonstrates Accredited Surety & Casualty’s expanded capabilities on the US west coast and emphasises our continued commitment to provide legacy liability solutions within the North American market.
“To complete this deal so shortly after another similar sized LPT contract is further proof of our increased level of activity in the legacy market, especially pleasing in the first half of the year.”
London Stock Exchange-listed R&Q’s head office is in the FB Perry Building on Church Street, Hamilton.