Randall & Quilter (R&Q) has successfully novated a sizable volume of reinsurance policies into its segregated account company R&Q Quest (SAC) Limited.
Issued between 2006 and 2011, the policies were novated from a Cayman-domiciled group captive which provided workers’ compensation, general liability, auto liability, and products liability coverage to its members via reinsurance. Approximately $20 million (around £14.8 million) in liabilities remain.
“We are pleased to complete this sizable novation, which continues to demonstrate our market leading position in providing captive exit solutions,” said R&Q chairman and chief executive Ken Randall. “This novation is also testament to our increasing transaction size in both the captive and loss portfolio transfer space.”
R&Q employs more than 400 insurance professionals in Bermuda, the US, and Europe to serve both the live and run-off markets. It owns and manages a portfolio of insurance companies with net assets of £201 million as of June 30, 2017.
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