R&Q completes Anglo French Part VII transfer

R&Q Gamma Company, a wholly-owned subsidiary of Randall & Quilter Investment Holdings (R&Q) has completed the transfer of the US liability insurance underwritten by Anglo French.

The transaction took place by means of an insurance business transfer scheme under Part VII of the Financial Services and Markets Act 2000. The Part VII was sanctioned at a hearing on March 3 2020 and took effect on March 5 2020.

Anglo-French underwrote a combination of direct business and facultative and treaty reinsurance business between 1958 and 1969 and has been in run-off since. In 2017, in preparation for the Part VII, the R&Q Group took on the liabilities of the Anglo-French business through a Loss Portfolio Transfer Agreement written by Accredited Insurance (Europe) Limited, a sister company to R&Q Gamma.

Paul Corver, R&Q group head of M&A, commented: “R&Q continues to demonstrate its ability to successfully execute legacy solutions utilising the Part VII process. This transfer marks the seventh Part VII completed by R&Q over the last seven years. With ever increasing demand for full finality of long tail liabilities we expect to finalise more transactions in the UK market in 2020.”