R&Q acquires portfolio from Norwegian captive

Randall & Quilter (R&Q), the insurance services and investment company that specialises in run-off, has acquired a portfolio from Aker Insurance, a wholly owned captive domiciled in Norway.

The portfolio has been transferred to R&Q Insurance (Malta), the group’s EU run-off consolidator. The total consideration of the transfer is NOK 22.3 ($2.9 million) million with transferring current liabilities totalling NOK 14.3 million ($1.9 million).

The policies being transferred provide workers compensation and personal accident cover for the years 2003 to 2009 to Norwegian employees of the parent company Aker Group which specialises in offshore construction and engineering.

Following the transfer the claims will be managed by R&Q Triton in Oslo, the group’s local insurance and claims management company.