R&Q complete novation with Arizona-based captive
Randall & Quilter Investment Holdings (R&Q) has completed its novation of liabilities from PacWest Captive Insurance Company, an Arizona domiciled entity.
The liabilities will be transferred to an R&Q-owned segregated account company in Bermuda, R&Q Quest (SAC), and is for policy years 2001-2011.
PacWest was formed in 2001 to provide workers’ compensation coverage written by Leavitt Grop Enterprises-owned agencies.
These policies have been in runoff since June 30, 2011, and were fronted by The Hartford.
Reserves for the policy years being novated are estimated to be around $4.4 million as at August 31, 2016.
Ken Randall, chairman and CEO of R&Q, said: “We are pleased to complete this novation with PacWest, which further demonstrates our market leading position in providing captive exit solutions. This novation caps off a fantastic year of legacy transactions for R&Q, with prospects for 2017 looking even brighter”.
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