Randall & Quilter (R&Q) announced it had reached agreement with Hamilton Underwriting Limited (Hamilton) to provide capital, in conjunction with AXA DBIO, to support the Reinsurance to Close (RITC) of Syndicate 3334’s 2014 and prior years of account.
We are now pleased to announce that all of the necessary approvals have been obtained and the transaction has completed, with an inception date of 1st January 2018.
As previously announced, the RITC has been written by Syndicate 3330, managed by Coverys Managing Agency and consists of net reserves of circa £30m.
Commenting on the transaction, Ken Randall, Chairman and CEO of R&Q said: “We are pleased to have concluded this RITC with Hamilton in respect of the run-off of their legacy Sportscover business. We continue to build on our relationship with Coverys Managing Agency and are delighted to have a strong partner in AXA Liabilities Managers. We look forward to completing further Lloyd’s legacy transactions in the future, building on the recent success here.”