R&Q completes loss portfolio deal for US RRG
Randall & Quilter Investment Holdings (R&Q) has completed a deal to reinsurer a portfolio of commercial auto liability risks for a US risk retention group (RRG).
The loss portfolio transfer reinsurance deal was underwritten by R&Q’s subsidiary Accredited Surety and Casualty Company. The deal provides $146 million of ground-up limit which provides the RRG with significant limit to cover its unpaid liabilities estimated to be in excess of $100 million.
Dan Linden, head of M&A Operations (US/Bermuda), said: “This transaction is a further example of our team’s commitment to developing legacy liability solutions to assist counterparties in achieving their strategic goals.”
Ken Randall, chief executive of R&Q, explained: “This loss portfolio transfer adds to our continued development of legacy solutions for risk retention groups within the U.S and is our third risk retention group transaction within the past year. This transaction confirms our penetration into the larger value legacy space which we hope to build on going forward. We are excited to expand our capabilities using Accredited Surety & Casualty to provide legacy solutions for RRG’s, self-insurers, and corporates within the US.”
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