R&Q agrees adverse development cover deal with RenRe

Insurance services and investment company Randall & Quilter Investment Holdings has signed an agreement with RenaissanceRe Syndicate Management (RSML) to reinsure the casualty reserves for Lloyd’s Syndicate 1458 relating to the 2009 to 2017 years of account. The reinsurance is being provided as a loss portfolio transfer, attaching at 70 percent of held reserves, with an additional limit for adverse development cover. The transaction allows RSML to retain control of the claims handling process, whilst benefiting from...

...balance sheet protection in the event of significant deterioration from the book’s modelled loss picks.

The cover is provided by R&Q’s Lloyd’s run-off vehicle, Syndicate 1110, which has permission to execute legacy deals by way of Reinsurance to Close (RITC) and retroactive reinsurance.

TigerRisk Partners acted as Broker in this transaction.

Ken Randall, chairman of R&Q, said: “We are pleased to have worked with TigerRisk Partners and RenaissanceRe Syndicate Management Limited on this legacy solution. This transaction is another example of R&Q helping strong-performing Syndicates to remove reserve risk, allowing them to release capital which they can use to take advantage of the positive rating environment. The evolution of the legacy market continues apace, and we are seeing a pipeline of such structured solutions both for Lloyd’s syndicates and across the wider insurance market.”