(Sharecast News) - Non-life speciality insurance company Randall & Quilter announced the completion of the novation of four loss portfolio transfer agreements managed by Armour Risk Management, previously in place between ILS P&C Re and various entities within the QBE Group.
The AIM-traded firm said two of the agreements had been novated to R&Q Re Bermuda, and two to the wholly-owned Lloyds' Run-off Syndicate 1110.
It said those R&Q entities would now provide QBE with the protection under the novated reinsurance agreements.
The four portfolios consisted of more than £75m of reserves relating to insurance and reinsurance employer's liability and public liability risks, mainly emanating from the UK and Ireland, underwritten by the QBE Group before 2008 in its company and syndicate businesses.
"We are thrilled to have been able to provide an exit solution for the investors behind ILS P&C Re," said Paul Corver, Randall & Quilter's group head of mergers and acquisitions.
"The novation includes multiple portfolios across various classes of business, platforms and jurisdictions showing the ability of R&Q to utilise its extensive group structure to provide a range of finality solutions.
"We are pleased that R&Q continues to be a market of choice for such transactions and look forward to working with QBE to also provide them with legal finality."
At 1240 BST, shares in Randall & Quilter Investment Holdings were down 0.63% at 159p.
R&Q Insurance (RQIH)24 Apr 2024 20:10
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