Randall & Quilter Investment Holdings Ltd. (R&Q) recently announced that it has successfully completed the novation of reinsurance policies issued between 2006 and 2011 from a Cayman-based group captive.
The firm has said that the policies have been novated into R&Q Quest (SAC) Limited, its owned segregated account company.
According to R&Q, the group captive provided workers’ compensation, general liability, auto liability and products liability protection to its members via reinsurance, beginning July 1st, 2006. The outstanding liabilities are reportedly estimated to be circa $20 million.
Chairman and Chief Executive Officer (CEO) of R&Q, Ken Randall, said; “We are pleased to complete this sizable novation, which continues to demonstrate our market leading position in providing captive exit solutions. This novation is also testament to our increasing transaction size in both the captive and loss portfolio transfer space.”