26 November, 2020
Randall & Quilter Investment Holdings Ltd. (‘R&Q’ or ‘the Group’) is pleased to announce that the Oklahoma Insurance Commissioner (‘the Commissioner’) has approved the Insurance Business Transfer (‘IBT’) of a portfolio of Sentry Insurance a Mutual Company (‘Sentry’) reinsurance policies to National Legacy Insurance Company (‘NLIC’), an R&Q wholly owned subsidiary. The policies relate to Sentry’s involvement as a member of the Excess & Casualty Reinsurance Association pool (‘ECRA’).
The IBT application reviewed by the Commissioner included extensive financial information, a plan for how the transaction will be communicated to stakeholders and a report from an independent expert, concluding that the proposed transaction will not have a materially adverse effect on stakeholders. The transfer of Sentry’s ECRA pool insurance liabilities to NLIC will not change policy terms, rights and obligations or the way the policy is administered.
The Commissioner’s approval will now allow the parties to petition the Oklahoma District Court (‘the Court’) to obtain final approval.
Modelled on the successful Part VII transfer process in the UK and EU, Oklahoma’s IBT legislation provides a mechanism for insurers to legally transfer (re)insurance business to another insurance company following consultation with stakeholders and a Court hearing.
Mike Walker, Head of Legacy at R&Q said: “We are pleased to have completed this important step in the Oklahoma IBT process and we will now focus our efforts on engaging with stakeholders and obtaining a successful Court outcome.
“We believe this innovative solution will become increasingly common as a tool to transfer liabilities effectively between insurance companies. It will prove to be of particular use to those entities looking to exit lines of business or dispose of legacy portfolios in the US. The oversight of the Commissioner and the Court, coupled with the rigour of the Independent review and communication processes required under the legislation, provides a robust framework for stakeholder protection.”
Click here for the full press release.
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