Randall & Quilter enters loss portfolio transfer deal with Repwest

Randall & Quilter has entered into a loss portfolio transfer reinsurance contract and a transfer agreement with Repwest Insurance Company, it announced on Friday.

The AIM-traded firm said Repwest, based in Phoenix, Arizona, is a wholly-owned subsidiary company of Americo.

Americo is also the parent company of U-Haul, North America's largest ‘do-it-yourself’ moving and self-storage operator.

The transaction would assist Repwest towards its target of reaching economic finality of its assumed ee run-off business, Randall & Quilter explained, which it underwrote from 1978 through to 2003.

Aon served as the reinsurance broker for the transaction.

“We are delighted to have completed this loss portfolio transfer with the mutual intention to undertake an insurance business transfer in Oklahoma, subject to appropriate approvals,” said group head of mergers and acquisitions, Paul Corver.

“This once again proves our capabilities to utilize our international team to provide full finality legacy solutions across the US and Europe.

“Our legacy pipeline across the group remains strong despite the current turmoil from Covid-19, and we look forward to closing more transactions in the coming months.”

At 1232 BST, shares in Randall & Quilter were up 0.69% at 146p.