R&Q signs legacy deal with UK motor insurer
Global specialty insurance company R&Q Insurance Holdings has signed a loss portfolio transfer (LPT) reinsurance agreement with a UK motor insurer.
The signed agreement covers a net reserve of $80 million. The transaction is subject to regulatory approvals and other conditions of closing.
Huw Battrick, co-head of legacy M&A at R&Q, commented: “We are pleased to announce this transaction for R&Q Legacy and work to put in place a reinsurance solution that supports our client with its ongoing business objectives”.
Parri Spector, co-head of legacy M&A at R&Q, added: “We are seeing increased interest in legacy insurance solutions for UK motor as incumbents look to manage the current inflationary claims environment in a highly competitive marketplace and, given R&Q’s strong in-house expertise, see this as an area of opportunity. This transaction increases our reserves under management, and we continue to have a strong pipeline for R&Q Legacy with $900 million of identified reserves across Europe, North America, and Bermuda, consisting of both direct and brokered transactions.”
Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk