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Anglo French Part VII Transfer

19 March, 2020

Randall & Quilter Investment Holdings Ltd. (“R&Q”) is pleased to announce that its wholly owned subsidiary, R&Q Gamma Company Limited (“R&Q Gamma”) has completed the transfer of the US liability insurance underwritten by Anglo French Ltd. (“Anglo-French”). The transaction took place by means of 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.

Paul Corver, R&Q Group Head of M&A, commented: “R&Q continues to demonstrate its ability to successfully execute legacy solutions utilising the Part VII process. 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.”

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Anglo French Part VII Transfer

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