Randall & Quilter (R&Q) Holdings has completed the novation of reinsurance policies issued between 2006 and 2011 from a Cayman domiciled group captive.
The policies were novated into the R&Q owned segregated account company, R&Q Quest.
The group captive provided workers’ compensation, general liability, auto liability and product liability coverage to its members through reinsurance beginning 1 July 2006.
Outstanding liabilities are estimated to be $20 million.
Ken Randall, chairman and CEO of R&Q, commented: “We are pleased to complete this sizable novation, which continues to demonstrate our market leading position in providing captive exit solutions. This novation is also testament to our increasing transaction size in both the captive and loss portfolio transfer space.”