30th Sep 2016 10:41
LONDON (Alliance News) - Randall & Quilter Investment Holdings Ltd said its R&Q Insurance (Malta) Ltd business received its necessary regulatory approvals for a portfolio transfer agreement of some contracts.
This is an agreement for the transfer of some contracts related to legacy exposures originally underwritten by Belgian aviation insurance and reinsurance company Aviabel SA.
"We are delighted to have received the necessary regulatory approvals to the business transfer and R&Q has now removed these liabilities completely from Aviabel SA," said Chairman and Chief executive Officer of Randall & Quilter Ken Randall in a statement.
"This demonstrates the ability of R&Q to provide exit solutions from legacy insurance liabilities to companies throughout Europe. This is one of a number of current transactions we have been assessing and we remain excited about our legacy acquisition pipeline," Randall added.
Shares in Randall & Quilter were untraded Friday. They last closed at 127.00 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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