R&Q completes novation from the Coca-Cola Bottlers’ Association
Randall & Quilter Investment Holdings has completed the novation of a number of liabilities of Georgia Atlantic Insurance, the Bermuda-based captive of the Coca-Cola Bottlers’ Association.
The risks assumed include the workers’ compensation, general liability, auto liability and auto property damages reinsurance policies issued between 2002 and 2016 by Georgia Atlantic Insurance.
The estimated undiscounted reserves for these policies, adjusted for recently paid claims, is circa $21.5 million.
The policies were novated to an R&Q owned cell in its Bermuda based segregated account company, R&Q Quest Insurance.
Ken Randall, chairman and chief executive of R&Q, said: "We are delighted to complete this good sized novation with the Coca Cola Bottlers' Association and to offer them a clean break from their legacy insurance liabilities.
“This transaction continues to demonstrate our market leading position in captive legacy solutions across North America and Europe and is further proof of our rapidly growing success in the North American run-off market generally. We are pleased to be able to assist CCBA in the restructuring of this programme."