Randall & Quilter Investment Holdings Ltd. (R&Q) has announced the issuance of a loss portfolio transfer reinsurance covering commercial auto liability risks.
The coverage was underwritten by the firm’s wholly owned admitted carrier, Accredited Surety and Casualty Company, Inc. for the benefit of a U.S.-based RRG. The reinsurance protection offers $146 million of ground-up limit, providing the RRG with significant limit to protect their unpaid liabilities that are estimated to be in excess of $100 million.
Head of M&A Operations (US/Bermuda), Dan Linden, said : “This transaction is a further example of our team’s commitment to developing legacy liability solutions to assist counterparties in achieving their strategic goals.”
Ken Randall, Chairman and Chief Executive Officer (CEO) of R&Q, added: “This loss portfolio transfer adds to our continued development of legacy solutions for risk retention groups within the U.S and is our third risk retention group transaction within the past year. This transaction confirms our penetration into the larger value legacy space which we hope to build on going forward.
“We are excited to expand our capabilities using Accredited Surety & Casualty to provide legacy solutions for RRG’s, self-insurers, and corporates within the U.S.”
