27 October 2023News

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.




More on this story

News
22 October 2023   The sale will enable the legacy re/insurer to reduce ‘unsustainable’ debt.
News
4 October 2023   Resilience increases capacity and promotes Hussain and Ryan.
News
29 September 2023   The insurer’s CEO is ‘disappointed by further adverse reserve development’.

More on this story

News
22 October 2023   The sale will enable the legacy re/insurer to reduce ‘unsustainable’ debt.
News
4 October 2023   Resilience increases capacity and promotes Hussain and Ryan.
News
29 September 2023   The insurer’s CEO is ‘disappointed by further adverse reserve development’.