Randall & Quilter Investment Holdings Ltd. (R&Q), the Bermudian specialist non-life re/insurance investor, has announced a new legacy reinsurance deal with a Bermuda domiciled captive.
The agreement will see R&Q assume the legacy liabilities from the Bermudian captive of a US based airline.
R&Q’s A- rated carrier and wholly owned subsidiary, Accredited Insurance (Europe) Limited, will write the reinsurance, the company explained.
The agreement follows a similar deal that R&Q struck last year with the same counterparty, and is now providing economic relief for additional policy years.
“We are pleased to complete this follow-on transaction and build on our previous knowledge of the book and our client to again deliver an exit solution,” said Ken Randall, Executive Chairman of R&Q.
“We are always thrilled when mutual success on a particular deal leads to re-engagement with that counterparty on future transactions,” he added.
R&Q announced earlier this month that it had entered a similar legacy reinsurance deal with a separate Bermuda domiciled captive.
In this case, the loss portfolio transfer agreement was part of a larger transaction involving the sale of one of the parent company’s business units, and covered workers’ compensation, product, auto, and general liability risks.
The company also revealed yesterday that its Accredited subsidiaries had formed new program underwriting partnerships with two US and UK based managing general agents (MGA), in addition to extending their agreement with a further MGA.