Randall & Quilter Investment Holdings (R&Q) has written a loss portfolio transfer reinsurance contract to cover a California-based insurance group’s livery, trucking, and contractors’ liability programme issued from 2007 to 2015.
The deal includes R&Q assuming about $43 million in undiscounted liabilities as well as the carrier’s claims handling.
Ken Randall, Chairman and Chief Executive Officer of R&Q, said completing the deal shortly after another similar sized LPT was proof of the firm’s increasing activities in the legacy market.
He commented; “We are pleased to provide a solution incorporating claims handling with a traditional LPT contract, which further demonstrates our ability to provide exit solutions to counterparties.
“This LPT demonstrates Accredited Surety & Casualty’s expanded capabilities on the U.S. west coast and emphasizes our continued commitment to provide legacy liability solutions within the North American market.”
R&Q completed the transaction as part of a collaboration with reinsurance broker Willis Re.