Randall & Quilter (R&Q) Investment Holdings has completed the novation of liabilities from PacWest Captive Insurance Company, an Arizona-domiciled entity.
The novation to the R&Q-owned segregated account company in Bermuda, R&Q Quest, included liabilities for policy years 2001-2011.
PacWest was formed in 2001 by Leavitt Group Enterprises to provide workers’ compensation coverage written by Leavitt-owned agenecies.
These policies were fronted by The Hartford and have been in runoff since 30 June 2011.
Reserves for the policy years being novated are estimated to be $4.4 million, as of the end of August last year.
Ken Randall, chairman and CEO of R&Q, said: “We are pleased to complete this novation with PacWest.”
“This novation caps off a fantastic year of legacy transactions for R&Q, with prospects for 2017 looking even brighter.”
