Brussels, 21 October 2016,

 

Portfolio Transfer Agreement of run-off business from Aviabel S.A. to R&Q Insurance (Malta) Limited

 

Aviabel is pleased to confirm that at the end of September 2016, regulatory approval has been granted for a Portfolio Transfer Agreement of certain contracts relating to legacy exposures originally underwritten by Aviabel S.A. to Randall & Quilter Insurance (Malta) Limited (RQIM). Prior to the transfer, RQIM had reinsured these contracts.

This deal encompasses a limited portfolio of legacy exposures from old underwriting years in run off. This portfolio of legacy exposures is considered as non-core to the current activities of Aviabel as a specialist aviation insurer and reinsurer.

No change to the current activities of Aviabel results from this portfolio transfer.

 

Cécile Coune

Chief Executive Officer