PacWest liabilities novated to Randall & Quilter entity

6th Jan 2017 14:37

(ShareCast News) - Randall & Quilter Investment Holdings announced on Friday the novation of liabilities for policy years 2001-2011 from PacWest Captive Insurance Company, an Arizona-domiciled entity, to the R&Q owned segregated account company in Bermuda - R&Q Quest SAC.The AIM-traded firm said PacWest was formed in 2001 by Leavitt Group Enterprises to provide workers compensation coverage written by Leavitt-owned agencies.It said those policies were fronted by The Hartford and have been in runoff since June 30, 2011.Reserves for the policy years being novated are estimated to be around $4.4m as at 31 August 2016."We are pleased to complete this novation with PacWest, which further demonstrates our market leading position in providing captive exit solutions," said chairman and CEO Ken Randall."This novation caps off a fantastic year of legacy transactions for R&Q, with prospects for 2017 looking even brighter."