Randall & Quilter Investment Holdings (R&Q) has transacted a loss portfolio transfer with Allianz SE, with assistance from Black Forest Reinsurance Consulting (BFRC).
The reinsurance is being provided by R&Q’s Maltese carrier, Accredited Insurance (Europe).
With this transaction, Allianz reaches economic finality of a third-party reinsurance portfolio that has no active client relationships and that was underwritten from 1976 onwards.
It also encompasses the mutual interest to undertake an insurance business transfer of the portfolio to Accredited, subject to regulatory approvals.
Paul Corver, group head of M&A at R&Q, explained: “We are delighted to have completed this loss portfolio transfer with the mutual intention to follow on with an insurance business transfer from Germany to Malta.”
He continued: “We have assumed numerous portfolios of business from across Europe into our rated Maltese platform which provides complete finality to the cedent and the accompanying capital relief. We are very pleased to have executed this transaction with Allianz and once again it proves our capabilities to utilise our international team to provide full finality legacy solutions across the US and Europe.”
“Our legacy pipeline across the group remains strong and we look forward to working closely with BFRC to conclude further Continental European legacy opportunities in the near future,” he added.
In April, R&Q entered into a loss portfolio transfer reinsurance contract and transfer agreement with Repwest Insurance Company.
