Randall & Quilter Investment Holdings (R&Q) has completed its first US-based self-insurer novation.
The novation from Maryland Motor Truck Association Workers’ Compensation Self-Insurance Group (MMTA WCSIG) was to its wholly-owned US admitted insurer, Accredited Surety and Casualty.
The captive, MMTA WCSIG, was formed in 1994 as a workers’ compensation self-insurance group for the members of the Maryland Motor Truck Association. It was then discontinued in 2006.
Accredited Surety has assumed all liabilities from the group for years 1994 to 2006, and has provided full finality for the MMTA WCSIG.
Ken Randall, chairman and CEO of R&Q, said: “This deal reinforces our team’s innovation in structuring transactions to provide full finality to an increasing variety of entities with legacy insurance liabilities in the US marketplace. The US self-insurer market is very substantial in size and we have several legacy deals of this nature in the pipeline.”
