R&Q to acquire ICI captive
Paul Corver, R&Q
Randall & Quilter Investment Holdings (R&Q), the non-life global speciality insurance company focused on programme management and legacy insurance businesses, has novated four loss portfolio transfer (LPT) agreements to provide finality for QBE Group.
The four portfolios consisted of over £75 million of reserves relating to re/insurance employer's liability and public liability risks underwritten by the QBE Group for ILS P&C Re, principally in the UK and Ireland prior to 2008. The LPTs were managed by Armour Risk Management.
Two portfolios have been novated to R&Q Re Bermuda and two to R&Q's wholly owned Lloyds' run-off syndicate 1110, which will now provide QBE with the protection under the novated reinsurance agreements, and the claims management of the business. 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, said: "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.”
Randall & Quilter Investment Holdings, R&Q, QBE, ILS P&C Re, Paul Corver