Bermudian specialist non-life re/insurance investor Randall & Quilter Investment Holdings is to provide legacy reinsurance for a captive domiciled on the island.
The loss portfolio transfer reinsurance covers workers’ compensation, product, auto, and general liability risks.
The reinsurance was part of a larger transaction involving the sale of one of the parent company’s business units to a strategic buyer.
“We are thrilled to have been able to provide an exit solution to our client’s legacy liabilities and facilitate the sale of one its largest business units,” said R&Q Executive Chairman, Ken Randall.
“This deal demonstrates the value loss portfolio transfers may provide in the context of evaluating and executing strategic acquisitions. We are pleased that R&Q continues to be a market of choice for such transactions.”
Coverage was written by R&Q’s wholly owned A- admitted carrier, Accredited Surety and Casualty Company.
