R&Q completes LPT with UK motor insurer
Bermuda-based legacy insurer R&Q Insurance Holdings has signed a loss portfolio transfer (LPT) reinsurance agreement with a UK motor insurer.
The signed agreement covers a net reserve of $80 million. The transaction is subject to regulatory approvals and other conditions of closing.
Huw Battrick, co-head of legacy M&A at R&Q, commented: “We are pleased to announce this transaction for R&Q Legacy and work to put in place a reinsurance solution that supports our client with its ongoing business objectives.”
Parri Spector, co-head of legacy M&A at R&Q, added: “We are seeing increased interest in legacy insurance solutions for UK motor as incumbents look to manage the current inflationary claims environment in a highly competitive marketplace and, given R&Q’s strong in-house expertise, see this as an area of opportunity.
“This transaction increases our reserves under management, and we continue to have a strong pipeline for R&Q Legacy with $900 million of identified reserves across Europe, North America, and Bermuda, consisting of both direct and brokered transactions.”
R&Q announced last week that it was selling its programme management company Accredited to Canadian investment company Onex to focus on its legacy business. Proceeds from the $465 million sale would be used to reduce debt.