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Novation of Insurance Liabilities

11 September, 2018

Randall & Quilter Investment Holdings Ltd (‘R&Q’ or ‘the Group’) is pleased to announce that its wholly owned Guernsey subsidiary, Capstan Insurance Limited, has signed an agreement to accept a novation of the insurance liabilities of the Sitex Cell in Windward Insurance PCC Limited, from its owners, Orbis Protect Limited (“Orbis”). The SITEX Cell insured the deductible amounts payable under Liability policies, including Employers’ Liability, for the years 2004 to 2014.

The residual liabilities, which will be managed by R&Q, comprise primarily of Employer’s Liability deductible exposures arising in the UK.

Commenting on today’s announcement, Ken Randall, Chairman and Chief Executive Officer of Randall & Quilter, said: “We are delighted to announce this transaction with Windward Insurance PCC Ltd which demonstrates R&Q’s appetite and ability to provide flexible exit solutions to owners of discontinued insurance businesses.

“We have a strong pipeline of acquisitions and expect to announce a number of additional transactions before the end of the year.”

Click here for the full press release.

Novation of Insurance Liabilities

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