Bermuda-based non-life global specialty insurance group Randall & Quilter Investment Holdings (R&Q) has concluded the novation of four loss portfolio transfer (LPT) agreements related to ILS P&C Re and various entities within the QBE Group.

Armour Risk Management managed the LPTs, two of which have been novated to R&Q Re Bermuda.

The other two have been novated to R&Q’s wholly owned Lloyds’ Run-off Syndicate 1110.

QBE will secure protection from these R&Q entities under the novated agreements.

Two portfolios have been novated to R&Q Re Bermuda and two to R&Q’s wholly owned Lloyds’ run-off syndicate 1110,

The four portfolios included over £75m in reserves associated with re/insurance employer’s liability as well as public liability risks underwritten by QBE for ILS P&C Re, mainly in the UK and Ireland before 2008.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData

R&Q will now begin various transfer mechanisms in the UK and EU to offer full finality to QBE for these portfolios. This includes a Part VII transfer.

Commenting on the development, R&Q group head of M&A Paul Corver said: “We are thrilled to have been able to provide an exit solution for the investors behind ILS P&C Re.

“The novation includes multiple portfolios across various classes of business, platforms and jurisdictions showing the ability of R&Q to utilise its extensive group structure to provide a range of finality solutions.”

Last year in April, R&Q secured $100m of new equity investment, with the majority from Brickell Insurance Holdings.

Earlier in 2020, R&Q snapped up US-based captive insurer Vigneron Insurance Company (VICI).

R&Q completed the acquisition of VICI from a 100% owned private investment holding company with diverse holdings in an array of real estate, industries, marketable securities as well as other investments.