Randall and Quilter Investment Holdings (R&Q) has completed its novation of liabilities from Maryland Motor Truck Association Workers’ Compensation Self Insurance Group (MMTA WCSIG), a captive insurer, to its US admitted insurer Accredited Surety and Casualty (Accredited).
The MMTA WCSIG was formed in August of 1994 as a workers’ compensation self-insurance group for the members of the Maryland Motor Truck Association; and was later discontinued on January 1, 2006.
Accredited assumed all liabilities from the group for years 1994-2006, and in doing so has provided full finality for the MMTA WCSIG.
“We are delighted to complete this novation, which represents our first transaction with a US based self-insurer,” said Ken Randall, chairman and CEO of R&Q.
“This deal reinforces our team’s innovation in structuring transactions to provide full finality to an increasing variety of entities with legacy insurance liabilities in the US marketplace. The US self-insurer market is very substantial in size and we have several legacy deals of this nature in the pipeline.”
Randall and Quilter Investment Holdings, North America, Ken Randall, MMTA WCSIG, Captives, Insurance, Property, Casualty, Liability, Accredited