R&Q completes reinsurance to close of Syndicate 3334

Bermuda-based Randall & Quilter (R&Q) has completed a transaction providing capital to support the reinsurance to close (RITC) of  Hamilton Underwriting’s Syndicate 3334’s 2014 and prior years of account.

The deal was carried out in conjunction with AXA DBIO and has received the necessary approvals. The transaction has completed with an inception date of Jan. 1, 2018.

The RITC has been written by Syndicate 3330, managed by Coverys Managing Agency and consists of net reserves of around £30 million.

“We are pleased to have concluded this RITC with Hamilton in respect of the run-off of their legacy Sportscover business,” said R&Q CEO Ken Randall. “We continue to build on our relationship with Coverys Managing Agency and are delighted to have a strong partner in AXA Liabilities Managers. We look forward to completing further Lloyd’s legacy transactions in the future, building on the recent success here,” Randall added.

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