Randall & Quilter seals loss portfolio transfer with Allianz
Insurance services and investment company Randall & Quilter Investment Holdings (R&Q) has transacted a loss portfolio transfer with Allianz SE, Germany.
The reinsurance is being provided by R&Q’s carrier in Malta, Accredited Insurance (Europe), with the assistance of Black Forest Reinsurance Consulting (BFRC)
The deal provides Allianz with economic finality of a third-party reinsurance portfolio that has no active client relationships and that was underwritten from 1976 onwards.
R&Q said the transaction also encompasses the mutual interest to undertake an insurance business transfer of the portfolio to Accredited, subject to regulatory approvals.
Paul Corver, group head of M&A at R&Q, said: “We are delighted to have completed this Loss Portfolio Transfer with the mutual intention to follow on with an Insurance Business Transfer from Germany to Malta. We have assumed numerous portfolios of business from across Europe into our rated Maltese platform which provides complete finality to the cedant and the accompanying capital relief. We are very pleased to have executed this transaction with Allianz and once again it proves our capabilities to utilize our international team to provide full finality legacy solutions across the US and Europe.
"Our legacy pipeline across the Group remains strong and we look forward to working closely with BFRC to conclude further Continental European legacy opportunities in the near future.”
