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(Alliance News) - Randall & Quilter Investment Holdings Ltd said Friday it has agreed an occupational disease liability transfer with UK P&I Club totalling USD103.8 million.
UK P&I Club provides protection and indemnity insurance services to the international shipping community.
R&Q noted the transfer will be subject to approval from the High Court in London. This will ensure the interests of those members who are exposed to these claims and equally the claimants who suffer from these diseases are not prejudiced by the transfer, R&Q said.
R&Q expects the transfer to be completed within the next two years.
"Most occupational disease claims result from seafarers being exposed to asbestos on ships, going back as far as the 1950s. It can be 40 years or longer before symptoms of any disease occur and these can often be fatal, and the resulting compensation awards can be significant. These claims are very uncertain and volatile, and the exposure will continue for many years to come," R&Q added.
Executive Chair Ken Randall said: "We are delighted to enter into this agreement with the UK Club which recognises our experience in this field and follows on from the previous transfer of liabilities from the Liverpool & London Steamship P&I Association in 2015. Occupational disease liability can negatively impact a Club's capital outlook and risk appetite. This transfer agreement will allow the UK Club more flexibility and stability in planning its financial future, while ensuring any claimants remain unaffected."
Shares in Randall & Quilter were 1.8% lower in London on Friday morning at 134.05 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
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