Randall & Quilter Investment Holdings Ltd has entered into an arrangement with the Law Society of Ireland in respect of the run-off obligations of the Solicitors Mutual Defence Fund (SMDF).

SMDF was established in 1987 as a mutual fund to provide professional indemnity protection for solicitors practising in Ireland. The fund ceased trading in 2011 following a series of heavy losses relating to the economic downturn in Ireland.

Bermudian-based R&Q is a specialist run-off company that acquires and manages portfolios to their natural extinction.

Ken Randall, chairman and chief executive officer of R&Q, said: “We are pleased to announce the arrangement with the Law Society of Ireland further demonstrating R&Q’s ability to offer finality solutions in a range of different situations”.