Randall & Quilter Investment Holdings has signed an agreement with RenaissanceRe Syndicate Management (RSM) to reinsure the casualty reserves for Lloyd's Syndicate 1458 relating to the 2009 to 2017 years of account.
The reinsurance is being provided as a loss portfolio transfer, attaching at 70 percent of held reserves, with an additional limit for adverse development cover. This allows RSM to retain control of the claims handling process, whilst benefiting from balance sheet protection in the event of significant deterioration from the book's modelled loss picks.
R&Q's Lloyd's run-off vehicle, Syndicate 1110, is providing the loss cover and has permission to execute legacy deals by way of reinsurance to close and retroactive reinsurance. TigerRisk Partners acted as Broker in this transaction.
R&Q has over 30 years' experience in running off Lloyd's business. Ken Randall, R&Q’s chairman, said: "This transaction is another example of R&Q helping strong-performing syndicates to remove reserve risk, allowing them to release capital which they can use to take advantage of the positive rating environment.”
Randall & Quilter Investment Holdings, RenaissanceRe Syndicate Management, Lloyd's Syndicate 1458, Ken Randall