Randall & Quilter completes novation from a Cayman captive
Randall & Quilter Investment (R&Q) has completed the novation of liabilities for policy years 2003 to 2011 from a Cayman domiciled entity, Westland Insurance Company (Westland), to the R&Q owned segregated account company in Bermuda, R&Q Quest (SAC).
According to R&Q, the captive provided workers' compensation, general liability, auto liability and auto physical damage coverage to its members through reinsurance beginning on September 1 2003. These policies were fronted by Travelers Indemnity Company.
"We are pleased to complete another novation, which continues to demonstrate our market leading position in providing captive exit solutions. It is one of several recent transactions that we have executed in Cayman, one of the world's premier captive domiciles," said Ken Randall, chairman and chief executive officer (CEO) of R&Q.