3rd Jul 2019 13:02
(Alliance News) - Insurer Randall & Quilter Investment Holdings Ltd said it has signed a loss portfolio transfer agreement with two joint powers authorities in California, US.
The agreement is with Northern California Regional Liability Excess Fund and Statewide Association of Community Colleges.
The Northern California Fund comprises public educational agencies for kindergarten to 12th grade, while Statewide Association members are made up of two-year community colleges.
The agreement will assume responsibility for all liability losses occurring on certificates issued by both pools for period up to and including June 30, 2018.
Randall & Quilter's subsidiary Accredited Surety & Casualty Co Inc will provide total coverage for up to USD113 million.
"This deal is further evidence of the increasing size of transactions that the group is undertaking. We are delighted to have worked with the pools to reach a transaction structure to meet their individual requirements which is reflective of our approach to provide innovative solutions. Accredited's financial strength, rating and admitted status across all 50 states is increasingly attractive to self-insured vehicles looking for solutions for legacy liabilities," said Executive Chair Ken Randall.
Shares in Randall & Quilter were up 0.3% at 181.06 pence on Wednesday.
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