R&Q completes novation from Cayman group captive

Randall & Quilter (R&Q) has completed a novation of reinsurance policies issued between 2006 and 2011 from a group captive domiciled in the Cayman Islands.

The policies were novated into the R&Q-owned segregated account company, R&Q Quest.

The group captive provided workers' compensation, general liability, auto liability and products liability coverage to its members through reinsurance, which began on July 1, 2006.

The outstanding liabilities are estimated to be around $20 million.

“We are pleased to complete this sizable novation, which continues to demonstrate our market leading position in providing captive exit solutions,” said Kevin Randall, chairman and CEO of R&Q. “This novation is also testament to our increasing transaction size in both the captive and loss portfolio transfer space”.