28 September, 2016
R&Q Insurance (Malta) Limited (“RQIM”) is pleased to announce that it has reached agreement with The Solicitors Indemnity Mutual Insurance Association Limited (“SIMIA”) to provide loss portfolio reinsurance coverage for all insurance contracts previously underwritten by SIMIA.
During 2016/17 it is planned, subject to regulatory approval, to transfer the business to RQIM pursuant to Part VII of the Financial Services & Markets Act 2000.
SIMIA is a long-established mutual insurance company whose sole business is the provision of professional indemnity insurance to firms of solicitors based in England and Wales. It ceased writing new or renewal business in 2011.
RQIM was incorporated in 2013 for the purpose of consolidating owned and acquired insurance, reinsurance and captive portfolios from across Europe. This is one of a number of recently announced insurance legacy transactions.
Commenting on today’s announcement, Ken Randall, Chairman and Chief Executive Officer of Randall & Quilter Investment Holdings Ltd. (“R&Q”), said: “We are delighted to write this reinsurance and, subject to regulatory approval, we now plan to remove the liabilities completely from SIMIA by way of a Part VII transfer. This demonstrates the ability of R&Q to provide exit solutions from legacy insurance liabilities to all types of companies.”