Randall & Quilter (R&Q), the Bermuda-based insurance services and investment company, has completed its first transaction in Vermont.
The transaction consists of the novation of liabilities from Automobile Dealers Insurance Company (ADIC), a Vermont based group captive, to the R&Q owned segregated account company R&Q Quest (SAC).
ADIC provides automotive, garage liability and workers’ compensation coverage for its members.
Ken Randall, chairman and chief executive officer of R&Q, said: “We are delighted to complete this novation, which represents our first transaction in Vermont, one of the world’s premier captive domiciles. This deal reinforces our market leading position in providing captive exit solutions and positions us well to explore further opportunities in the extensive Vermont market.”