R&Q writes $43m reinsurance loss portfolio transfer for Californian firm
Randall & Quilter Investment Holdings has written a loss portfolio transfer (LPT) reinsurance contract to cover approximately $43 million legacy liabilities for a California-based insurance group.
As part of the transaction, R&Q will assume the claims handling responsibilities for the carrier. The deal covers the livery, trucking, and contractors’ liability programmes issued between 2007 and 2015.
R&Q worked in conjunction with Willis Re to complete this transaction.
"We are pleased to provide a solution incorporating claims handling with a traditional LPT contract, which further demonstrates our ability to provide exit solutions to counterparties," said Ken Randall, chairman and chief executive officer of R&Q.
"This LPT demonstrates Accredited Surety & Casualty’s expanded capabilities on the US west coast and emphasizes our continued commitment to provide legacy liability solutions within the North American market. To complete this deal so shortly after another similar sized LPT contract is further proof of our increased level of activity in the legacy market, especially pleasing in the first half of the year."
The legacy carrier recently completed a $46.5 million LPT reinsurance contract for an undisclosed Fortune 500 Insurance Group.
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