Loss Portfolio Transfer

RNS Number : 2574E

Randall & Quilter Inv Hldgs Ltd

03 July 2019

 

Randall & Quilter Investment Holdings Ltd.

Loss Portfolio Transfer

3 July 2019

Randall & Quilter Investment Holdings Ltd. ('R&Q' or 'the Group') is pleased to announce that its wholly owned subsidiary, Accredited Surety & Casualty Company Inc ('ASCC'), has signed a loss portfolio transfer agreement with Northern California Regional Liability Excess Fund ('NCR') and Statewide Association of Community Colleges ('SWACC') (Collectively referred to as the 'Pools').  The Pools 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 12^th grade public educational agencies in Northern California and SWACC members comprise two-year community colleges located throughout the state of California.

The LPT agreement from R&Q's fully admitted and AM Best A- (VIII) rated carrier assumes responsibility for all liability losses occurring on certificates issued by the Pools for periods up to and including 30^th June 2018.  ASCC is providing total coverage up to $113m.

Keenan & Associates will continue to manage the claims under the Pools which provides consistency and continuity in claims handling for their members.

Commenting on today's announcement, Ken Randall, Executive Chairman of R&Q, said: "This deal is further evidence of the increasing size of transactions that the Group is undertaking.  We are delighted to have worked with the Pools to reach a transaction structure to meet their individual requirements which is reflective of our approach to provide innovative solutions. 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.  This is reflected in a healthy pipeline of future opportunities."

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Randall & Quilter Investment Holdings Ltd. Ken Randall Tel: [phone] Numis Securities Limited (Nominated Adviser) Stuart Skinner Tel: [phone] Charles Farquhar Tel: [phone] Shore Capital Stockbrokers Limited Stephane Auton/James Thomas Tel: [phone] FTI Consulting Edward Berry/Tom Blackwell Tel: [phone]

Notes to Editors:

About R&Q 

The overall mission of the Bermuda based Group is to:

·      generate profits and capital extractions from expert management of legacy non-life insurance acquisitions/ reinsurances, including in Lloyd's; and 

·      grow commission income from its licensed (and rated) carriers in the US and EU/UK, writing niche and profitable program business, largely on behalf of highly rated reinsurers.

Our aim is to continue to grow sustainable profit streams to support our business model and increase book value and cash distributions to shareholders. 

The Group was founded by Ken Randall and Alan Quilter in 1991.

Legal Entity Identifier (LEI): 2138006K1U38QCGLFC94

Website: www.rqih.com

 

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