Randall & Quilter Investment Holdings (R&Q) has completed a transaction to offer full finality to a California based self-insurer by R&Q’s wholly owned subsidiary, Accredited Surety and Casualty Company (“Accredited”).
This is the second transaction with a self-insurer in the state of California and the fifth across the U.S. over the past 2 years.
R&Q chairman and CEO Ken Randall said: “We continue to provide solutions to the self-insurer space and this transaction shows our ability to build upon previous success and experiences with various states across the US”
Novation for Cayman based Group Captive
R&Q is also pleased to announce the completion of a novation of the workers’ compensation and commercial auto liabilities of a Cayman based group captive that provided coverage to trucking companies located throughout the US.
The liabilities were novated into R&Q’s segregated account company in Bermuda. R&Q was able to provide a solution to the captive that provided full finality on its older insurance years. R&Q continues to remain capable and enthusiastic to meet the captive market’s growing demand for exit solutions related to legacy liabilities.
Ken Randall said: “We are delighted to complete another novation with a group captive. This transaction shows our continued focus on being the go-to counter-party for exit solutions in the captive market.”
Source: Company Press Release