R&Q has successfully completed a portfolio transfer from Aker Insurance AS, a wholly owned captive domiciled in Norway, to R&Q Insurance (Malta) Limited, the group’s EU run-off consolidator.
The total consideration of the transfer is NOK 22.3 million ($2.9 million), with transferring current liabilities totalling NOK 14.3 million ($1.8 million).
The policies being transferred provide workers compensation and personal accident cover for the years 2003 to 2009 to Norwegian employees of the parent company Aker Group, which specialises in offshore construction and engineering.
Following the transfer the claims will be managed by R&Q Triton AS in Oslo, the group’s local insurance and claims management company.
Paul Corver, head of M&A at R&Q, said: “We are pleased to complete this portfolio transfer; it is an excellent example of our ability to provide finality and a clear exit solution for discontinued lines of business from EU captives.”
“This is the first transfer from an EU captive into our Malta platform and demonstrates our ability to execute cross-border EU transfers, along with the advantages this brings.”
“It is our understanding that there are further Scandinavian insurers that would benefit from removing legacy liabilities, especially in preparation for Solvency II.”
