R&Q Investment Holdings’s Capstan Insurance, a Guernsey-domiciled captive insurer, has signed an agreement to accept a novation of the insurance liabilities of the Sitex Cell in Windward Insurance PCC, from its owners, Orbis Protect Limited.
The Sitex Cell insured the deductible amounts payable under liability policies, including employers’ liability for the years 2004 to 2014.
The residual liabilities, which will be managed by R&Q, comprise primarily of employer’s liability deductible exposures arising in the UK.
Ken Randall, chairman and CEO of R&Q, said: “We are delighted to announce this transaction with Windward Insurance PCC, which demonstrates R&Q’s appetite and ability to provide flexible exit solutions to owners of discontinued insurance businesses.
“We have a strong pipeline of acquisitions and expect to announce a number of additional transactions before the end of the year.”