Randall & Quilter (R&Q) has entered into a loss portfolio transfer reinsurance contract and transfer agreement with Repwest Insurance Company.
Based in Phoenix, Arizona, Repwest is a wholly owned subsidiary company of AMERCO, which is the parent company of U-Haul.
According to R&Q, the transaction assists Repwest towards its target of reaching economic finality of its Assumed Re run-off business, which it underwrote from 1978 through 2003.
Paul Corver, group head of mergers and acquisition at R&Q, commented: “We are delighted to have completed this Loss Portfolio Transfer with the mutual intention to undertake an insurance business transfer in Oklahoma, subject to appropriate approvals.”
He added: “This once again proves our capabilities to utilise our international team to provide full finality legacy solutions across the US and Europe. Our legacy pipeline across the group remains strong despite the current turmoil from COVID-19 and we look forward to closing more transactions in the coming months.”
Aon served as the reinsurance broker for the transaction.