20 December, 2017
Randall & Quilter (R&Q) is pleased to announce that it has reached agreement with Hamilton Underwriting Limited (Hamilton) to provide capital, in conjunction with AXA DBIO, to support the Reinsurance to Close (RITC) of Syndicate 3334’s 2014 and prior years of account.
The RITC will be written by Syndicate 3330, managed by Coverys Managing Agency. The business subject to the RITC has estimated net reserves of c.£30m and is the legacy book that Hamilton inherited when the Bermuda based company purchased Sportscover Underwriting Limited in April 2015.
Subject to customary regulatory approvals, the RITC will be effective from 31 December 2017 and is expected to close in early 2018.
Commenting on the transaction, Ken Randall, Chairman and CEO of R&Q said: “We are delighted to have reached agreement with Hamilton in respect of the run-off of their legacy Sportscover business. The collaboration with Coverys Managing Agency and AXA Liabilities Managers provides R&Q with strong partners for assuming legacy Lloyd’s business and we look forward to completing further transactions in the future, building on the recent successes here and with Prosight.”
AXA Liabilities Managers Chief Executive Officer Sylvain Villeroy de Galhau commented: “We are very pleased to have teamed up with Coverys Managing Agency and R&Q to complete our first deal at Lloyd’s. This deal enables us to establish a presence at Lloyd’s that we look forward to developing.”
Hamilton Underwriting Limited Chief Executive Officer Dermot O’Donohoe commented: “We’re pleased to have come to an agreement with Coverys Managing Agency, R&Q and AXA DBIO. This transaction enables us to focus on the 2015 and post years of account as we continue to build a diversified, profitable Lloyd’s syndicate.”
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