R&Q agrees loss portfolio transfer with SIMIA
Randall & Quilter (R&Q) Insurance Malta has reached an agreement with SIMIA, a mutual insurance company, to provide loss portfolio reinsurance coverage for all insurance contracts previously underwritten by the company.
The business, subject to regulatory approval, will transfer to R&Q Malta between 2016 and 2017.
Ken Randall, chairman and CEO of R&Q Investment Holdings, said: "We are delighted to write this reinsurance and, subject to regulatory approval, we now plan to remove the liabilities completely from SIMIA by way of a Part VII transfer.”
He added: “This demonstrates the ability of R&Q to provide exit solutions from legacy insurance liabilities to all types of companies.”
