• Strategy
  • Innovation
  • Expertise

Agreement to support the Reinsurance to Close of Syndicate 3334

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.”

Click here for the full Press Release

Agreement to support the Reinsurance to Close of Syndicate 3334

Latest News

European Program Management Panel Debate Featuring AIEL
European Program Management Panel Debate Featuring AIEL

Watch the latest Program Manager virtual panel debate brought to you by The Insurer’s newly launched video platform The Insurer TV and Accredited Europe by clicking on the following link: Program Manager virtual panel debate | Watch now on The …

Completion of share exchange by Brickell
Completion of share exchange by Brickell

In accordance with the exchange conditions of the subscription made by Brickell Insurance Holding LLC (“Brickell”) in April 2020, R&Q is pleased to announce the completion of the share exchange and the allotment of shares to Brickell in exchange for …

Appointment of Broker
Appointment of Broker

Randall & Quilter Investment Holdings Ltd. (“Randall & Quilter”) today announces the appointment of Barclays Bank PLC (“Barclays”) as its joint corporate broker with immediate effect. Barclays will work alongside Randall & Quilter’s existing corporate broker and nominated adviser, Numis …