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Transfer of Liverpool & London to R&Q Insurance (Malta) Limited

22 December, 2015

Randall & Quilter Investment Holdings Ltd. (‘R&Q’) is pleased to announce the sanction of the transfer pursuant to Part VII of the Financial Services & Markets Act 2000 of business from Liverpool & London Steamship Protection & Indemnity Association Limited (“L&L”) to R&Q Insurance (Malta) Limited (“RQIM”).

L&L was incorporated in 1881 as a mutual marine liability insurer (referred to as a P&I Club) and went into run-off in February 2000.  As the traditional P&I claims have generally matured, L&L’s residual insurance liabilities mostly relate to asbestos and other industrial disease claims from crew, stevedores and other dock workers.  L&L decided in 2013 to explore exit solutions for its legacy insurance liabilities due to concerns over increasing costs and management arising from compliance with Solvency II from 2016.

RQIM was incorporated in 2013 for the purpose of consolidating owned and acquired insurance, reinsurance and captive portfolios from across Europe.  L&L is the sixth transaction to be absorbed by RQIM to date and there is a healthy future pipeline.

Commenting on today’s announcement, Ken Randall, Chairman and Chief Executive Officer of Randall & Quilter, said: “We are delighted to have completed the transfer of this book of business, especially as it is the first time a P&I Club has transferred business to an insurance company in such a manner.  This transaction adds to the scale of R&Q Insurance (Malta), being the largest external Part VII the Group has undertaken to date and we are pleased to be able to provide longevity of service and security to the Club’s policyholders, members and claimants.”

Click here for the full Press Release

Transfer of Liverpool & London to R&Q Insurance (Malta) Limited

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