R&Q signs LPT agreement with two US joint powers authorities
Accredited Surety and Casualty Company (ASCC), a subsidiary of Randall & Quilter Investment Holdings, has signed a loss portfolio transfer (LPT) agreement with Northern California Regional Liability Excess Fund (NCR) and Statewide Association of Community Colleges (SWACC).
NCR and SWACC are two of the largest joint powers authorities in California, providing predominantly property and general liability cover to their members. NCR members comprise of Kindergarten through 12th grade public educational agencies in Northern California, while SWACC members comprise two-year community colleges located throughout California.
The LPT agreement assumes responsibility for all liability losses occurring on certificates issued by NCR and SWACC for periods up to and including June 30 2018. ASCC is providing total coverage up to $113 million.
Keenan & Associates will continue to manage the claims under NCR and SWACC, providing consistency and continuity in claims handling for their members.
Ken Randall, executive chairman of R&Q, highlighted the increasing size of the group's transactions. “Accredited’s financial strength, rating and admitted status across all 50 States is increasingly attractive to self-insured vehicles looking for solutions for legacy liabilities," he said. "This is reflected in a healthy pipeline of future opportunities.”
ASCC entered an underwriting partnership with Pronto General Insurance Agency in March, becoming Pronto’s issuing carrier in California to support its expanding private passenger automobile business.
