8th Aug 2019 12:30
(Alliance News) - Insurance investment firm Randall & Quilter Investment Holdings Ltd said Thursday it issued loss portfolio transfer reinsurance for an unnamed Bermuda-domiciled captive insurance firm.
Captive insurance firms are wholly-owned subsidiaries that provide risk-mitigation services for a parent company.
The reinsurance covers compensation of workers as well as a product, automobile and general liability risks. The coverage will be written by R&Q wholly-owned subsidiary Accredited Surety & Casualty Co Inc.
R&Q explained the reinsurance was part of a larger transaction involving the strategic sale of a business unit of the captive insurance firm's parent company.
"We are thrilled to have been able to provide an exit solution to our client's legacy liabilities and facilitate the sale of one its largest business units," R&Q Executive Chair Ken Randall said.
"This deal demonstrates the value loss portfolio transfers may provide in the context of evaluating and executing strategic acquisitions," Ken Randall added. "We are pleased that R&Q continues to be a market of choice for such transactions."
Shares in Randall & Quilter were 0.6% higher at 164.00 pence in London on Thursday.
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