Last checked at 26 Oct 2023 07:00
R&Q Insurance Holdings Limited
Loss Portfolio Transfer
26 October 2023
R&Q Insurance Holdings Ltd (AIM-RQIH) ("R&Q"), the leading non-life global specialty insurance company focusing on Program Management and Legacy Insurance businesses, is pleased to announce that it has signed a Loss Portfolio Transfer (LPT) Reinsurance agreement with a UK motor insurer covering net reserve of c.US$80m.
The transaction is subject to regulatory approvals and other conditions of closing.
Huw Battrick, Co-Head of Legacy M&A at R&Q, commented: "We are pleased to announce this transaction for R&Q Legacy and work to put in place a reinsurance solution that supports our client with its ongoing business objectives".
Parri Spector, Co-Head of Legacy M&A at R&Q, added: "We are seeing increased interest in legacy insurance solutions for UK motor as incumbents look to manage the current inflationary claims environment in a highly competitive marketplace and, given R&Q's strong in-house expertise, see this as an area of opportunity. This transaction increases our reserves under management, and we continue to have a strong pipeline for R&Q Legacy with c. $900m of identified reserves across Europe, North America and Bermuda consisting of both direct and brokered transactions."
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Notes to Editors:
About R&Q
R&Q is a global non-life specialty insurance company. We operate two core businesses: Program Management and Legacy Insurance. Both these businesses are leaders in their respective markets.
Our approach is to deploy our origination and underwriting capabilities, alongside our licensed and rated carriers in the US, EU, and the UK, to generate attractive fee returns in Program Management and Legacy Insurance.
Legal Entity Identifier (LEI): 2138006K1U38QCGLFC94
Website: www.rqih.com