Randall & Quilter Investment Holdings has completed the novation of liabilities from Automobile Dealers Insurance Company (ADIC), a Vermont-based group captive, to its segregated account company, R&Q Quest.
ADIC provides automotive, garage liability and workers’ compensation coverage for its members.
Ken Randall, chairman and CEO of R&Q, explained: “We are delighted to complete this novation, which represents our first transaction in Vermont, one of the world’s premier captive domiciles.”
“This deal reinforces our market leading position in providing captive exit solutions and positions us well to explore further opportunities in the extensive Vermont market.”
R&Q Insurance in Malta completed the novation of liability contracts from an unnamed captive in Dublin in November.
Its EU run-off consolidator in Malta completed a similar deal with Norwegian captive Aker Insurance.
