Randall & Quilter Investment Holdings Ltd., the Bermuda-based specialist non-life insurance and reinsurance investor, has completed two new reinsurance transactions with a Vermont based self-insurer and a Cayman domiciled group captive.
R&Q announced that it had assumed the workers’ compensation liabilities of the self-insurer through it’s A- rated U.S carrier Accredited Surety and Casualty Company, Inc.
The deal provided full finality to the self-insurer and removed the barrier for the ultimate dissolution of its workers’ compensation trust.
It also marked R&Q’s sixth transaction with a self-insurer over the last two years.
Additionally, R&Q announced the novation of reinsurance policies issued between 2002 and 2009 from the captive insurer, which were novated into the R&Q owned segregated account company, R&Q Bermuda (SAC) Limited.
The group captive provided workers’ compensation coverage to its members throughout the U.S.
“These two transactions demonstrate our ability to once again provide exit solutions to the self-insurance space and reinforces our market leading position in providing captive exit solutions,” said Ken Randall, Chairman and Chief Executive Officer of R&Q.
R&Q’s Accredited Insurance (Europe) subsidiary has already entered into two new program underwriting partnerships in 2019, teaming up with UK Managing General Agents (MGA) CPD Underwriting Solutions and Kitsune Limited.