10th Apr 2014 11:01
LONDON (Alliance News) - Randall & Quilter Investment Holdings Ltd Thursday said it has reinsured-to-close the former 2011 Year of Account of Syndicate 102 into the 2014 Year of Account of Syndicate 3330, as well as completing a transaction in the Bermuda captive market, adding to the company's acquisitions of legacy insurance assets.
Originally the Goshawk syndicate, the business has been managed by R&Q Managing Agency Limited since 2004.
Previously, the Group provided capital support giving it a 20% share of the syndicate result, with the remaining 80% being supported by a third party investor. Following the RITC, the group now has a 100% interest in the ongoing syndicate result, having assumed full capital support from the third party investor. The estimated net insurance liabilities as at 31 December 2013 were about GBP16.5 million.
Randall & Quilter also said it has reached agreement to receive, by way of novation, all contracts underwritten by one of the cells in SEG Insurance Ltd.
The contracts have been novated to an existing R&Q owned cell in the group's rent-a-captive facility in Bermuda, R&Q Quest SAC Ltd.
SEG wrote business in the cell between July 1, 2007 and July 1, 2010 as a reinsurer of direct policies issued by a large US carrier.
The firm wrote workers compensation, employers' liability, automobile liability, automobile physical damage, general liability and crime. Transferring liabilities were estimated at USD700,000 at the end of 2013. Transferring assets included a customary risk and profit margin over this figure.
"These transactions evidence the group's continued activity in the acquisition of legacy insurance assets and the pipeline continues to grow with a range of transaction types, geographies and sizes," Ken Randall, Chief Executive, said in a statement.
Randall & Quilter shares were Thursday quoted at 132.00 pence, down 1.5%.
By Samuel Agini; [email protected]; @samuelagini
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