3 July, 2019
Randall & Quilter Investment Holdings Ltd. (‘R&Q’ or ‘the Group’) is pleased to announce that its wholly owned subsidiary, Accredited Surety & Casualty Company Inc (‘ASCC’), has signed a loss portfolio transfer agreement with Northern California Regional Liability Excess Fund (‘NCR’) and Statewide Association of Community Colleges (‘SWACC’) (Collectively referred to as the ‘Pools’). The Pools 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 of California.
The LPT agreement from R&Q’s fully admitted and A.M. Best A- (VIII) rated carrier assumes responsibility for all liability losses occurring on certificates issued by the Pools for periods up to and including 30th June 2018. ASCC is providing total coverage up to $113m.
Keenan & Associates will continue to manage the claims under the Pools which provides consistency and continuity in claims handling for their members.
Commenting on today’s announcement, Ken Randall, Executive Chairman of R&Q, said: “This deal is further evidence of the increasing size of transactions that the Group is undertaking. 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. 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.”
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Further to the Company’s announcement on 13 January 2020 (RNS number 5159Z), the Company hereby provides the attached notification, made in accordance with the requirements of the EU Market Abuse Regulation.
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