• Strategy
  • Innovation
  • Expertise

R&Q Completes Norwegian Captive Portfolio Transfer

7 January, 2015

R&Q is pleased to announce that it has successfully completed a portfolio transfer from Aker Insurance AS (‘Aker Insurance’), a wholly owned captive domiciled in Norway, to R&Q Insurance (Malta) Limited, the group’s EU run-off consolidator. The total consideration of the transfer is NOK 22.3m with transferring current liabilities totalling NOK 14.3m.

The policies being transferred provide workers compensation and personal accident cover for the years 2003 to 2009 to Norwegian employees of the parent company Aker Group which specialises in offshore construction and engineering.  Following the transfer the claims will be managed by R&Q Triton AS in Oslo, the group’s local insurance and claims management company.

Commenting on the acquisition Paul Corver, Head of M&A at R&Q, said: “We are pleased to complete this portfolio transfer; it is an excellent example of our ability to provide finality and a clear exit solution for discontinued lines of business from EU captives. This is the first transfer from an EU captive into our Malta platform and demonstrates our ability to execute cross-border EU transfers, along with the advantages this brings.”

“It is our understanding that there are further Scandinavian insurers that would benefit from removing legacy liabilities, especially in preparation for Solvency II. Our combination of local Scandinavian claims management with a financially strong EU licenced Maltese insurer is an attractive solution to the market, for either captives or regular P&C insurance and reinsurance companies.”

Click here to download the full Press Release.

R&Q Completes Norwegian Captive Portfolio Transfer

Latest News

Appointment of Broker
Appointment of Broker

Randall & Quilter Investment Holdings Ltd. (“Randall & Quilter”) today announces the appointment of Barclays Bank PLC (“Barclays”) as its joint corporate broker with immediate effect. Barclays will work alongside Randall & Quilter’s existing corporate broker and nominated adviser, Numis …

Director/PDMR Shareholding
Director/PDMR Shareholding

The Company has been notified that on 6 January 2021 Alan Quilter, the Chief Executive Officer of the Company, sold his interest in 400,000 ordinary shares in the Company. Mr Quilter continues to hold 2,078,091 ordinary shares which represents 0.93% …

Regulatory Approval of UK Legacy Acquisitions
Regulatory Approval of UK Legacy Acquisitions

Further to its announcements on 19 August 2020 and 21 August 2020, Randall & Quilter Investment Holdings Ltd. (“R&Q”), is pleased to announce that its wholly owned UK subsidiary, Randall & Quilter II Holdings Limited, has received regulatory approval and …