Bermuda-based Randall & Quilter (R&Q), the insurance services and investment company, has completed the novation of liabilities from a Cayman-domiciled captive.
The liabilities of Golden Rule for policy years 2000–2003, will be placed with the R&Q owned segregated account company R&Q Quest (SAC).
Ken Randall, chairman and chief executive officer of R&Q, said: “We are pleased to complete this novation. It is another transaction that demonstrates our market leading position in providing captive exit solutions and we are pleased to have executed another deal in Cayman, one of the world’s premier captive domiciles.”
Golden Rule provided workers’ compensation, general liability, auto liability and auto physical damage coverage to its members through reinsurance beginning on January 1, 2000. The policies were fronted by Travelers Indemnity Company.