7 August, 2013
R&Q has acquired the controlling stake in Berkshire Hathaway-backed Risk Transfer Underwriting (RTU) from its founder and chairman, Caspar Gilroy.
RTU, which was set up in September 2011 writing on National Indemnity Company’s (Nico) A++ paper and boasting a 50% quota-share reinsurance agreement with the Berkshire Hathaway-owned carrier, aims to free up capital for captive owners and self insurers by releasing legacy letters of credit lodged with fronting carriers.
Based on a concept pioneered in Europe by Gilroy’s Malta-headquartered Grafton Europe, RTU is headed by experienced insurance figure Paul Dassenko, who is credited with turning around the run-off US operations of Converium ahead of their sale in 2006 to Nico.
The deal will see R&Q acquire the controlling stake in RTU.
Dassenko and chief operating officer Stephen Bailey will retain their minority stakes in the business.
Commenting on the acquisition, R&Q chairman Ken Randall said that the deal provided “a lot of synergies. We do portfolio transfers and captive deals and they’re in the same market. Their aim is to generate broking fees on generating those sorts of transactions, principally with Berkshire Hathaway, but potentially with other carriers. They can potentially bring transactions to R&Q and R&Q can use their expertise to effect other things that we’re working on.”
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