28 November 2016USA analysis

R&Q completes US-based self insurer novation

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.”

More on this story

26 June 2023   The affirmation follows an announcement by parent company R&Q.
Executive Appointments
1 April 2021   William Spiegel has ascended to the role of executive chairman at Randall & Quilter Investment Holdings (R&Q), succeeding Ken Randall who has retired, both as chairman and as a director.
Actuarial & underwriting
5 January 2021   Randall & Quilter II Holdings, a wholly owned UK subsidiary of Randall & Quilter Investment Holdings (R&Q), has completed the acquisitions of The World Marine & General Insurance Company (WMG) and Inceptum Insurance Company, having received the necessary regulatory approvals.