R&Q boosts run off concept with Aegon Insurance deal

Randall & Quilter has acquired a portfolio of general insurance run-off business from Aegon Insurance Company (AIC) via its Malta operation, R&Q Insurance (Malta) (RQIM).

AIC, which has been in run-off since 1994, was acquired by life insurer Guardian Assurance Group in 2002.

In 2013, RQIM was incorporated for the purpose of consolidating owned and acquired insurance, reinsurance and captive portfolios from across Europe.

According to R&Q, the transfer of the AIC business to RQIM is further proof of the concept of consolidating the run-off of long term liabilities.

Ken Randall, chairman and chief executive officer of R&Q, said: “We are delighted to have completed the transfer of this book of business, demonstrating that R&Q can assist Insurers in managing their business.

“This transaction adds further to the scale of R&Q Insurance (Malta), and allows a life insurer to concentrate on its core business by divesting the general insurance risks from its portfolio.”