31st Jan 2020 08:23
(Alliance News) - Randall & Quilter Investment Holdings Ltd on Thursday said it has completed the transfer of business from SAAB Aktiebolag subsidiary Lansen Forsakringsaktiebolag.
The non-life insurance sector investor said that the transfer completed by its wholly-owned subsidiary Accredited Insurance Europe Ltd will allow Swedish aerospace & defence company SAAB to close its captive insurer, which is no longer needed due to the changing insurance market.
"We are pleased to have completed the transfer of legacy business for SAAB which related to a captive insurer that has ceased trading," said Randall & Quilter Executive Chair Ken Randall.
"This transaction continues to demonstrate our ability to assist companies manage liabilities relating to discontinued business lines and is the first with a Swedish captive, a territory where we have other opportunities in the pipeline," he added.
Shares in Randall & Quilter - headquartered in Bermuda - were untraded in London early Friday.
By Ife Taiwo; [email protected]
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