Randall and Quilter Investment Holdings (R&Q) has completed the assumption of the workers’ compensation liabilities of a Vermont-based self-insurer and the novation of reinsurance policies issued between 2002 and 2009 from a Cayman Islands-domiciled group captive.
The workers’ compensation liabilities were assumed through R&Q’s wholly owned A-rated carrier, Accredited Surety and Casualty Company.
The transaction, which marks R&Q’s sixth deal with a self-insurer in the last two years, provided full finality to the self-insurer and has removed the barrier for the ultimate dissolution of its workers’ compensation trust.
The reinsurance policies of the group captive, which provided workers’ compensation coverage to its members throughout the US, were novated into R&Q Bermuda, the R&Q owned segregated account company.
Ken Randall, chairman and CEO of R&Q, said: “These two transactions demonstrate our ability to once again provide exit solutions to the self-insurance space and reinforces our market leading position in providing captive exit solutions.”