R&Q gets approval for Hamilton RITC deal

Randall & Quilter (R&Q) has revealed that all of the necessary approvals have been obtained for the reinsurance to close (RITC) deal with Hamilton that it announced in December of last year.

The company added that the transaction has now been completed, with an inception date of 1st January 2018.

On 20 December 2017 R&Q announced it had reached agreement with Hamilton Underwriting to provide capital, in conjunction with AXA DBIO, to support the RITC of Syndicate 3334’s 2014 and prior years of account.

The RITC has been written by Syndicate 3330, managed by Coverys Managing Agency and consists of net reserves of circa £30 million.

“We are pleased to have concluded this RITC with Hamilton in respect of the run-off of their legacy Sportscover business,” said Ken Randall, chairman and chief executive officer of R&Q. “We continue to build on our relationship with Coverys Managing Agency and are delighted to have a strong partner in AXA Liabilities Managers. We look forward to completing further Lloyd’s legacy transactions in the future, building on the recent success here.”