R&Q Gamma, a subsidiary of non-life legacy insurance investor and capacity provider R&Q, has completed a transfer of US liability insurance underwritten by Anglo-French.
The transaction took place via an insurance business transfer scheme under Part VII of the Financial Services and Markets Act 2000.
The Part VII was sanctioned at a hearing on 3 March 2020 and took effect on 5 March 2020.
Anglo-French underwrote a combination of direct business and facultative and treaty reinsurance business between 1958 and 1969 and has been in run-off since.
In 2017, in preparation for the Part VII, the R&Q Group took on the liabilities of the Anglo-French business through a Loss Portfolio Transfer Agreement written by Accredited Insurance (Europe) Limited, a sister company to R&Q Gamma.
“R&Q continues to demonstrate its ability to successfully execute legacy solutions utilising the Part VII process,” said Paul Corver, R&Q Group Head of M&A.
“This transfer marks the seventh Part VII completed by R&Q over the last 7 years. With ever increasing demand for full finality of long tail liabilities we expect to finalise more transactions in the UK market in 2020.”
