Randall & Quilter Investment Holdings Ltd. announced the novation of reinsurance policies issued between 2002 and 2016 by Georgia Atlantic Insurance Ltd. (GAIL) for workers’ compensation, general liability, auto liability and auto property damages.
GAIL is a wholly owned, Bermuda-based captive of the Coca-Cola Bottlers’ Association Inc. GAIL’s estimated undiscounted reserves for these policies, adjusted for recently paid claims is approximately $21.5 million, said R&Q in a statement.
The policies were novated to an R&Q owned cell in its Bermuda-based segregated account company, R&Q Quest Insurance (SAC) Ltd.
Ken Randall, chairman and chief executive officer of R&Q, explained: “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.”
Source: Randall & Quilter Investment Holdings
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