RCS - R&Q Insurance Hldgs - Loss Portfolio Transfer

R&Q Insurance HoldingsAnnouncement

05/12/2022 07:00

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RNS Number : 5189I  R&Q Insurance Holdings Ltd  05 December 2022

 

R&Q Insurance Holdings Ltd

 

$60 million Loss Portfolio Transfer

 

5 December 2022

 

R&Q Insurance Holdings Ltd ('R&Q') is pleased to announce the
completion of a loss portfolio transfer from one of the largest self-insurance
pools in the United States to R&Q's wholly owned A- (IX) rated carrier,
Accredited Surety and Casualty Company, Inc. ("Accredited").

 

This reinsurance transaction provides the California-based pool with economic
finality for approximately $60m of reserves related to legacy General
Liability, Employment Practices Liability and Auto Liability risks. Equinox
(Re)Insurance Intermediaries acted as brokers on the transaction.

 

Andy Pinkes, Global Legacy Chief Executive Officer at R&Q, commented: "We
are pleased to have been able to provide a successful finality solution for
these legacy liabilities, the fourth legacy transaction we have completed this
year. We have considerable expertise in the California market, which leverages
the value of Accredited's rated and fully admitted paper for legacy
transactions.

 

"We are gratified that R&Q continues to be a market of choice for deals
such as this, having also completed previous transactions for similar
California self-insurance pools, and look forward to providing further
solutions for our partners as we deliver against our pipeline."

 

Ends

 

 Enquiries to:

 

R&Q Insurance Holdings Ltd
 William Spiegel                    Tel: 0207 780 5850
 Tom Solomon                        Tel: 0207 780 5850

 Numis Securities Limited (Nominated Advisor and Joint Broker)
 Giles Rolls                        Tel: 020 7260 1000
 Charles Farquhar                   Tel: 020 7260 1000

 Barclays Bank PLC (Joint Broker)

 Andrew Tusa                        Tel: 020 7632 2322

 Richard Bassingthwaighte

 FTI Consulting

 Tom Blackwell                      Tel: 020 3727 1051

Enquiries to:

R&Q Insurance Holdings Ltd
 William Spiegel                    Tel: 0207 780 5850
 Tom Solomon                        Tel: 0207 780 5850

 Numis Securities Limited (Nominated Advisor and Joint Broker)
 Giles Rolls                        Tel: 020 7260 1000
 Charles Farquhar                   Tel: 020 7260 1000

 Barclays Bank PLC (Joint Broker)

 Andrew Tusa                        Tel: 020 7632 2322

 Richard Bassingthwaighte

 FTI Consulting

 Tom Blackwell                      Tel: 020 3727 1051

 

Notes to Editors:

 

About R&Q

 

R&Q is a global non-life specialty insurance company. We operate two core,
highly complementary, businesses: Program Management and Legacy Insurance.
Both these businesses are leaders in their respective markets.

 

Our approach is to deploy our origination and underwriting capabilities,
alongside our licensed and rated carriers in the US, EU and the UK, to
generate attractive fee returns in Program Management and Legacy Insurance.

 

Legal Entity Identifier (LEI): 2138006K1U38QCGLFC94

 

Website: www.rqih.com (http://www.rqih.com)

 

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