Randall & Quilter Investment Holdings Ltd. (R&Q) has completed the novation of the commercial general liabilities of a Barbados based captive which reinsured the liabilities of its Canadian corporate parent.
R&Q explained that the liabilities have been novated into its Bermuda based segregated account company.
“We are delighted to have completed this transaction which further broadens R&Q’s field of activity across North America and the Caribbean,” said Ken Randall, Chairman and Chief Executive Officer of R&Q.
“We continue to work diligently with a number of captive owners on solutions for partial or full disposal of their liabilities freeing up capital and removing management distractions,” he added.
The announcement comes after the completion of R&Q’s largest legacy acquisition to date, which saw the company acquire Global U.S Holdings Incorporated and its insurance subsidiary, Global Re U.S, for $80.5 million.
R&Q also recently released its results for the first half of 2018, reporting a 40% increase in pre-tax profits year-on-year with full-year profits expected to “substantially exceed market expectations.”
