R&Q buys run-off marine business

Randall & Quilter (R&Q), the insurance services and investment company, has acquired a portfolio of runoff marine business through its EU run-off consolidator R&Q Insurance (Malta).

The policies, from Tryg Forsikring, have total liabilities of DKr30.1 million ($4.7 million) and provide marine insurance cover for the years 1998 to 2010 to policyholders in Denmark, Sweden and Norway.

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

Paul Corver, head of mergers & acquisitions at R&Q, said: “We are delighted to be able to announce another successful portfolio transfer, further to that from Aker Insurance which we recently completed.

“We believe that R&Q is able to provide a compelling exit solution for discontinued lines of business, and this is another example of our ability to provide such finality for EU insurers. This is the first transfer from a Danish insurer into our Malta platform and a clear demonstration of our ability to execute cross-border EU transfers.”