24th Nov 2016 11:32
LONDON (Alliance News) - Randall & Quilter Investment Holdings Ltd on Thursday said it has completed the novation of liabilities from Maryland Motor Trust Association Workers Self Insurance Group to its wholly-owned US admitted insurer.
This means that the liabilities related to Maryland Motor have been assigned to Accredited Surety and Casualty Co Inc, which has assumed all liabilities from the gorup for the years 1994 to 2006.
"We are delighted to complete this novation, which represents our first transaction with a US based self-insurer. This deal reinforces our team's innovation in structuring transactions to provide full finality to an increasing variety of entities with legacy insurance liabilities in the US marketplace. The US self-insurer market is very substantial in size and we have several legacy deals of this nature in the pipeline," said Chairman and Chief Executive Officer Ken Randall in a statement.
Shares in Randall & Quilter were untraded Thursday morning, last closing at 129.00p.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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