Accredited Surety and Casualty Company, Inc., the Florida-based subsidiary of Bermudian specialist non-life re/insurance investor Randall & Quilter Investment Holdings (R&Q), has signed a loss portfolio transfer agreement with two educational insurance pools in California.
The LPT agreement with Northern California Regional Liability Excess Fund (NCR) and Statewide Association of Community Colleges (SWACC) will provide total coverage up to $113 million.
NCR and SWACC are two of the largest Joint Powers Authorities in California, providing predominantly property and general liability cover to their members.
NCR members comprise of Kindergarten through 12th grade public educational agencies in Northern California and SWACC members comprise two-year community colleges located throughout the state.
Under the agreement, Accredited will assume responsibility for all liability losses occurring on certificates issued by the pools for periods up to and including June 30, 2018.
Additionally, Keenan & Associates will continue to manage the claims under the pools to provide consistency and continuity in claims handling for their members.
“This deal is further evidence of the increasing size of transactions that the Group is undertaking,” said Ken Randall, Executive Chairman of R&Q.
“We are delighted to have worked with the Pools to reach a transaction structure to meet their individual requirements which is reflective of our approach to provide innovative solutions,” he continued.
“Accredited’s financial strength, rating and admitted status across all 50 States is increasingly attractive to self-insured vehicles looking for solutions for legacy liabilities. This is reflected in a healthy pipeline of future opportunities.”
