Non-life insurance, reinsurance legacy and run-off acquisition specialist Randall & Quilter has entered into a Loss Portfolio Transfer Reinsurance Contract and a Transfer Agreement with Repwest Insurance Company.
Repwest is based in Arizona and is a wholly owned subsidiary company of AMERCO, the parent company of U-Haul.
This transaction assists Repwest towards its target of reaching economic finality of its Assumed Re run-off business, which it underwrote from 1978 through 2003.
Aon served as the reinsurance broker for the transaction.
“We are delighted to have completed this Loss Portfolio Transfer with the mutual intention to undertake an Insurance Business Transfer in Oklahoma, subject to appropriate approvals,” said Paul Corver, R&Q Group Head of M&A.
“This once again proves our capabilities to utilize our international team to provide full finality legacy solutions across the US and Europe. Our legacy pipeline across the Group remains strong despite the current turmoil from COVID-19 and we look forward to closing more transactions in the coming months.”
