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May 28, 2021

R&Q completes novation of four QBE loss portfolio transfer agreements

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.

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.

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