Law360, London (March 13, 2020, 2:20 PM GMT) -- Legacy insurer Randall & Quilter will take on a “volatile” book of occupational disease liabilities dating back to the 1950s, in a deal that will be overseen by regulators and require High Court approval in the U.K.
Bermuda-based R&Q said on Friday it would take on the liabilities, totaling $103.8 million, from London-based specialist shipping insurer UK P&I Club. It did not say how much it had paid for the book.
Many occupational disease claims, especially ones dating back to the 1950s, often center around asbestos exposure from ships. It can sometimes be 40 years or longer before disease symptoms manifest...
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