Randall & Quilter Investment Holdings (R&Q), the non-life global speciality insurance company focused on programme management and legacy insurance businesses, has completed the novation of four loss portfolio transfer (LPT) agreements.
The LPT agreements concerned ILS P&C Re and entities within the QBE Group. Two of the agreements have been novated to R&Q Re Bermuda, with the other two going to R&Q's wholly owned Lloyds' run-off syndicate 1110.
The four portfolios consisted of over £75 million of reserves relating to re/insurance employer's liability and public liability risks, principally in the UK and Ireland, underwritten by the QBE Group prior to 2008 in its company and syndicate businesses. They were managed by Armour Risk Management.
The two R&Q entities will now provide QBE with the protection under the novated reinsurance agreements, and the claims management of the business. R&Q will commence various transfer mechanisms in both the UK and EU to provide full finality to the QBE Group for these portfolios, including a part VII transfer.
Paul Corver, group head of M&A at R&Q, said: "The novation includes multiple portfolios across various classes of business, platforms and jurisdictions showing the ability of R&Q to utilise its extensive group structure to provide a range of finality solutions.”
Randall & Quilter Investment Holdings, Armour Risk Management, ILS P&C Re, QBE Group, Paul Corver