Randall & Quilter signs $113m US loss portfolio transfer deal
Insurance services and investment company Randall & Quilter Investment Holdings has signed a loss portfolio transfer agreement with two of the largest joint powers authorities in California providing property and general liability cover.
The LPT agreement, which was made through R&Q's wholly owned subsidiary Accredited Surety & Casualty Company (ASCC), assumes responsibility for all liability losses occurring on certificates issued by the Northern California Regional Liability Excess Fund (NCR) and Statewide Association of Community Colleges (SWACC), collectively referred to as the ‘Pools’, for periods up to and including 30th June 2018.
ASCC is providing total coverage up to $113 million.
Ken Randall, executive chairman of R&Q, said: “This deal is further evidence of the increasing size of transactions that the Group is undertaking. We are delighted to have worked with the Pools to reach a transaction structure to meet their individual requirements which is reflective of our approach to provide innovative solutions.
"Accredited’s financial strength, rating and admitted status across all 50 States is increasingly attractive to self-insured vehicles looking for solutions for legacy liabilities. This is reflected in a healthy pipeline of future opportunities.”
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