Reinsurance News

Randall & Quilter completes reinsurance-to-close of Hamilton legacy book

19th February 2018 - Author: Staff Writer

Randall & Quilter (R&Q) has announced the completion of its previously announced agreement to provide capital in conjunction with AXA DBIO to support the Reinsurance to Close (RITC) of Hamilton Underwriting’s Syndicate 3334’s 2014 and prior years of account.

mergers and acquisitions reinsuranceThe RITC consists of net reserves of about £30 million and is the legacy book that Hamilton inherited when the Bermuda-based company purchased Sportscover Underwriting in April 2015.

Commenting on the transaction, Ken Randall, Chairman and Chief Executive Officer (CEO) of R&Q, said: “We are pleased to have concluded this RITC with Hamilton in respect of the run-off of their legacy Sportscover business.

“We continue to build on our relationship with Coverys Managing Agency and are delighted to have a strong partner in AXA Liabilities Managers. We look forward to completing further Lloyd’s legacy transactions in the future, building on the recent success here.”

The RITC has been written by Syndicate 3330 under Coverys Managing Agency’s oversight, with capital provided by R&Q and AXA DBIO.

R&Q said the transaction has completed following receipt of all necessary approvals, with an inception date of 1st January, 2018.

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