LONDON (Alliance News) - Randall & Quilter Investment Holdings Ltd on Tuesday said it has completed the transfer of business from Liverpool & London Steamship Protection & Indemnity Association Ltd to R&Q Insurance (Malta) Ltd.
Liverpool & London Steamship Protection & Indemnity Association was incorporated in 1881 as a mutual marine liability insurer, known as P&I Club, and went into run-off in February 2000. Its residual insurance liabilities mostly relate to asbestos and other industrial disease claims from crew, stevedores and other dock workers.
The mutual marine liability insurer decided in 2013 that it would seek to exit its legacy insurance liabilities due to concerns over increasing costs and management time arising from compliance with Solvency II insurance rules coming into force across the EU in January.
R&Q Insurance (Malta) was incorporated in 2013 for the purpose of consolidating owned and acquired insurance, reinsurance and captive portfolios from across Europe. L&L is the sixth transaction to be absorbed by the entity to date, and Randall & Quilter said there is a "healthy" future pipeline.
"We are delighted to have completed the transfer of this book of business, especially as it is the first time a P&I Club has transferred business to an insurance company in such a manner," Ken Randall, chairman and chief executive, said.
"This transaction adds to the scale of R&Q Insurance (Malta), being the largest external Part VII the group has undertaken to date, and we are pleased to be able to provide longevity of service and security to the club's policyholders, members and claimants," Randall said.
Shares in Randall & Quilter were untraded on Tuesday morning, having closed at 96.00 pence on Monday.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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R&Q Insurance (RQIH)