Loss Portfolio Transfer

RNS Number : 5189I
R&Q Insurance Holdings Ltd
05 December 2022
 

Logo Description automatically generated

 

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."

 

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Enquiries to:

 

R&Q Insurance Holdings Ltd


William Spiegel

Tel: 0207 780 5850

Tom Solomon 

Tel: 0207 780 5850

 

Numis Securities Limited (Nominated Advisor and Joint Broker)

Giles Rolls 

Tel: 020 7260 1000

Charles Farquhar 

 

Barclays Bank PLC (Joint Broker)

Andrew Tusa

Richard Bassingthwaighte

 

Tel: 020 7260 1000

 

 

Tel: 020 7632 2322

FTI Consulting

Tom Blackwell

 

Tel: 020 3727 1051

 




Notes to Editors:

 

About R&Q 

 

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

 

Website: www.rqih.com

 

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