R&Q Insurance in Malta has completed the novation of liability contracts from an unnamed captive in Dublin.
Ken Randall, chairman and CEO of R&Q, explained: “We are delighted to complete this novation. This deal continues to show our market leading position in providing captive exit solutions using our European consolidator subsidiary in Malta.”
It has been a busy year for R&Q, whose EU run-off consolidator in Malta completed a similar deal with Norwegian captive Aker Insurance.
The total consideration of that transfer, which was the first of its kind for R&Q in Malta, was NOK 22.3 million ($2.9 million), with transferring current liabilities totalling NOK 14.3 million ($1.8 million).
The policies transferred provided workers’ compensation and personal accident cover for Norwegian employees of parent company Aker Group, which specialises in offshore construction and engineering.
Elsewhere in the group, R&Q Investment completed its acquisition of IC Insurance from owners AstraZeneca UK and Imperial Chemicals Industries in September.
