Randall & Quilter Investment Holdings has completed the novation of liabilities for policy years 2003 to 2011 from Westland Insurance Company, a captive domiciled in the Cayman Islands.
The novation from Westland Insurance Company was to R&Q Quest, an R&Q-owned segregated account company in Bermuda.
The Cayman captive provided workers’ compensation, general liability, auto liability and auto physical damage cover to its members through reinsurance starting 1 September 2003 and fronted by Travelers Indemnity Company.
Ken Randall, chairman and CEO of R&Q, said: “We are pleased to complete another novation, which continues to demonstrate our market leading position in providing captive exit solutions. It is one of several recent transactions that we have executed in Cayman, one of the world’s premier captive domiciles.”
R&Q completed a similar novation with Golden Rule in December last year.
