Randall & Quilter Investment Holdings (R&Q) has announced the issuance of a loss portfolio transfer reinsurance covering commercial auto liability risks. The coverage was underwritten by Accredited Surety and Casualty Company, a wholly owned R&Q subsidiary, for the benefit of a US-domiciled risk retention group (RRG). The reinsurance provides $146 million of ground-up limit, which provides the RRG with a significant limit to cover their unpaid liabilities, estimated to be in excess of $100 million, according to R&Q.
“This transaction is a further example of our team’s commitment to developing legacy liability solutions to assist counterparties in achieving their strategic goals,” said Dan Linden, R&Q head of M&A operations for the US and Bermuda.
“This loss portfolio transfer adds to our continued development of legacy solutions for risk retention groups within the US and is our third risk retention group transaction within the past year,” said Ken Randall, chairman and CEO of R&Q. “This transaction confirms our penetration into the larger value legacy space, which we hope to build on going forward. We are excited to expand our capabilities, using Accredited Surety & Casualty to provide legacy solutions for RRGs, self-insurers, and corporates within the US.”
