Insurance industry investor Randall & Quilter (R&Q) has announced the completed transfer of Aegon UK’s run-off business to the acquisition specialist.
The firm acquired Aegon’s run-off general insurance business through a European platform, R&Q Insurance Malta.
According to R&Q, the transferred Aegon business has been in run-off since 1994.
Life insurer Guardian Assurance Group acquired the business in 2002 and had wished to dispose of its general insurance liabilities.
The newly completed transfer of the Aegon business is further proof of the concept of consolidating the run-off of long-term liabilities, R&Q said.
The company said its Malta platform was incorporated in 2013 for the purpose of consolidating owned and acquired insurance, reinsurance and captive portfolios from across Europe.
“We are delighted to have completed the transfer of this book of business, demonstrating that R&Q can assist insurers in managing their business,” said R&Q chairman and CEO Ken Randall.
“This transaction adds further to the scale of R&Q Insurance Malta, and allows a life insurer to concentrate on its core business by divesting the general insurance risks from its portfolio,” he added.
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