Bermuda-based Randall & Quilter (R&Q) has unveiled the transfer of a book of business from Liverpool & London Steamship Protection & Indemnity Association (L&L).
L&L was incorporated in 1881 as a mutual marine liability insurer (referred to as a P&I Club) and went into run-off in February 2000.
This is the sixth transaction to be absorbed by R&Q Insurance (Malta) (RQIM) to date.
“We are delighted to have completed the transfer of this book of business, especially as it is the first time a P&I Club has transferred business to an insurance company in such a manner,” said Ken Randall, chairman and chief executive officer of R&Q.
“This transaction adds to the scale of R&Q Insurance (Malta), being the largest external Part VII the Group has undertaken to date and we are pleased to be able to provide longevity of service and security to the Club’s policyholders, members and claimants.”
Additionally, R&Q has completed the novation of liabilities from Cayman domiciled Golden Rule.
The liabilities, for policy years 2000–2003, will be placed with the R&Q owned segregated account company R&Q Quest (SAC).
Golden Rule provided workers’ compensation, general liability, auto liability and auto physical damage coverage to its members through reinsurance beginning on January 1, 2000.
Randall added: “We are pleased to complete this novation. It is another transaction that demonstrates our market leading position in providing captive exit solutions and we are pleased to have executed another deal in Cayman, one of the world’s premier captive domiciles.”
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