27 May, 2021
Randall & Quilter Investment Holdings Ltd, (AIM-RQIH) (“R&Q”), the leading non-life global speciality insurance company focusing on Program Management and Legacy Insurance businesses, is pleased to announce the completion of the novation of four loss portfolio transfer agreements managed by Armour Risk Management Ltd previously in place between ILS P&C Re and various entities within the QBE Group. Two of the agreements have been novated to R&Q Re Bermuda Ltd and two to R&Q’s wholly owned Lloyds’ Run-off Syndicate 1110. These R&Q entities will now provide QBE with the protection under the novated reinsurance agreements.
The four portfolios consisted of over £75million of reserves relating to insurance and reinsurance employer’s liability and public liability risks mainly emanating from the UK and Ireland, underwritten by the QBE Group prior to 2008 in its company and syndicate businesses.
R&Q through its established group structure, has been able to offer economic finality to novate existing loss portfolio transfers covering business written across several platforms and jurisdictions and has taken over the claims management of the business. Utilising the wider group entities, R&Q will commence various transfer mechanisms in both the UK and EU to provide full finality to the QBE Group for these portfolios, including a Part VII transfer.
Paul Corver, Group Head of M&A at R&Q, explained: “We are thrilled to have been able to provide an exit solution for the investors behind ILS P&C Re. The novation includes multiple portfolios across various classes of business, platforms and jurisdictions showing the ability of R&Q to utilise its extensive group structure to provide a range of finality solutions. We are pleased that R&Q continues to be a market of choice for such transactions and look forward to working with QBE to also provide them with legal finality.”
Click here for the full press release.
The Board of Randall & Quilter Investment Holdings Ltd. (AIM:RQIH), the leading non-life global specialty insurance company focusing on Program Management and Legacy Insurance businesses, is pleased to confirm that the Annual Report & Accounts and Notice of Annual General …