Last checked at 19 Jun 2017 07:00
Randall & Quilter Investment Holdings Ltd.
R&Q completes Loss Portfolio Transfer with Fortune 500 Insurance Group
19 June 2017
Randall & Quilter Investment Holdings Ltd. ("R&Q") is pleased to announce it has written a Loss Portfolio Transfer reinsurance contract to assume a Bonds portfolio issued by a Fortune 500 Insurance Group. The estimated undiscounted liabilities assumed are c. $46.5m. R&Q worked in conjunction with Guy Carpenter to successfully complete this transaction.
Ken Randall, Chairman and Chief Executive Officer of R&Q, commented:
"We are delighted to complete this LPT of surety business, a special focus of Accredited Surety & Casualty, our A- rated US admitted carrier. This transaction demonstrates our ongoing commitment to expand our legacy liability solutions to counterparties within the North American market."
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Notes to Editors:
About R&Q
Randall & Quilter pursues a buy and build strategy and has created a comprehensive range of investment activities and services in the global non-life insurance market.
R&Q is focused on the following three areas:
· Insurance Investments
· Insurance Services
· Underwriting Management
The Group:
· provides a range of services to both the live and legacy (re)insurance markets to support growing businesses and address complex and challenging run-off issues;
· employs over 400 insurance professionals based in the UK, US, Bermuda, and Europe with wide service capability in both the 'live' and 'run-off' markets;
· owns and manages a portfolio of insurance companies, both active and in run-off, in the UK, US and Europe with net assets of £161m as at 31 December 2016;
· owns an admitted P&C Insurer, A- rated by AM Best, with licenses throughout the US; owns a Bermuda Class 3A insurance company;
· launched Syndicate 1991, which commenced underwriting from January 1, 2013 and has an agreed capacity of £127m for 2017, manages one RITC ('run-off') syndicate, 3330, and owns and operates an MGA platform;
· acquires and manages a portfolio of insurance receivables, with a carrying cost of £5.6m as at 31 December 2016
The Group was founded by Ken Randall and Alan Quilter in 1991.
Legal Entity Identifier (LEI): 2138006K1U38QCGLFC94
Website: www.rqih.com