Randall & Quilter Investment Holdings (R&Q) has completed the novation by Georgia Atlantic Insurance, a wholly owned, Bermuda-based captive, of the Coca-Cola Bottlers’ Association (CCBA).
The novation included the workers’ compensation, general liability, auto liability and auto property damages reinsurance policies issued by Georgia Atlantic Insurance between 2002 and 2016.
The policies were novated to an R&Q-owned cell in its Bermuda-based segregated account company, R&Q Quest Insurance.
Ken Randall, chairman and CEO of R&Q, said: "We are delighted to complete this good sized novation with the Coca Cola Bottlers' Association and to offer them a clean break from their legacy insurance liabilities.”
Randall added: “This transaction continues to demonstrate our market leading position in captive legacy solutions across North America and Europe and is further proof of our rapidly growing success in the North American run-off market generally. We are pleased to be able to assist CCBA in the restructuring of this programme."
