Loss Portfolio TransferSource: RNS
R&Q Insurance Holdings Ltd
$60 million Loss Portfolio Transfer
5 December 2022
R&Q Insurance Holdings Ltd ('R&Q') is pleased to announce the completion of a loss portfolio transfer from one of the largest self-insurance pools in the United States to R&Q's wholly owned A- (IX) rated carrier, Accredited Surety and Casualty Company, Inc. ("Accredited").
This reinsurance transaction provides the California-based pool with economic finality for approximately $60m of reserves related to legacy General Liability, Employment Practices Liability and Auto Liability risks. Equinox (Re)Insurance Intermediaries acted as brokers on the transaction.
Andy Pinkes, Global Legacy Chief Executive Officer at R&Q, commented: "We are pleased to have been able to provide a successful finality solution for these legacy liabilities, the fourth legacy transaction we have completed this year. We have considerable expertise in the California market, which leverages the value of Accredited's rated and fully admitted paper for legacy transactions.
"We are gratified that R&Q continues to be a market of choice for deals such as this, having also completed previous transactions for similar California self-insurance pools, and look forward to providing further solutions for our partners as we deliver against our pipeline."
Notes to Editors:
R&Q is a global non-life specialty insurance company. We operate two core, highly complementary, businesses: Program Management and Legacy Insurance. Both these businesses are leaders in their respective markets.
Our approach is to deploy our origination and underwriting capabilities, alongside our licensed and rated carriers in the US, EU and the UK, to generate attractive fee returns in Program Management and Legacy Insurance.
Legal Entity Identifier (LEI): 2138006K1U38QCGLFC94
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