22nd Aug 2019 13:06
(Alliance News) - Randall & Quilter Investment Holdings Ltd said Thursday it has signed a reinsurance agreement to assume the legacy liabilities from the Bermuda captive of an unnamed US based airline.
Captive insurance firms are wholly-owned subsidiaries that provide risk-mitigation services for a parent company.
Randall & Quilter said the deal is similar to the one agreed with the same counterparty last year, but it will now provide "economic relief" for the additional policy years.
The reinsurance coverage will be written by Randall & Quilter's wholly-owned subsidiary Accredited Europe Ltd.
"We are pleased to complete this follow-on transaction and build on our previous knowledge of the book and our client to again deliver an exit solution. We are always thrilled when mutual success on a particular deal leads to re-engagement with that counterparty on future transactions," said Executive Chair Ken Randall.
Shares in Randall & Quilter were up 0.9% at 161.96 pence on Thursday.
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