R&Q Insurance Holdings Ltd (LON:RQIH), the leading non-life global specialty insurance company focusing on Program Management and Legacy Insurance businesses, has announced that it has signed a Loss Portfolio Transfer (LPT) Reinsurance agreement with a UK motor insurer covering net reserve of c.US$80m.
The transaction is subject to regulatory approvals and other conditions of closing.
Huw Battrick, Co-Head of Legacy M&A at R&Q, commented: “We are pleased to announce this transaction for R&Q Legacy and work to put in place a reinsurance solution that supports our client with its ongoing business objectives”.
Parri Spector, Co-Head of Legacy M&A at R&Q Insurance, added: “We are seeing increased interest in legacy insurance solutions for UK motor as incumbents look to manage the current inflationary claims environment in a highly competitive marketplace and, given R&Q’s strong in-house expertise, see this as an area of opportunity. This transaction increases our reserves under management, and we continue to have a strong pipeline for R&Q Legacy with c. $900m of identified reserves across Europe, North America and Bermuda consisting of both direct and brokered transactions.”
