Randall & Quilter Investment Holdings (R&Q) has registered its wholly-owned subsidiary, R&Q Re (Bermuda) under the Segregated Accounts Companies Act 2000.
R&Q Re, a Class 3A reinsurer, is R&Q’s primary legacy vehicle in Bermuda, and as of 30 September, it had statutory capital of $100 million.
The Class 3A reinsurer has been increasingly active in recent years, both as a reinsurer of inter-group legacy transactions and an acquirer of Bermuda and Caribbean-based captive insurers.
Earlier in 2020, the R&Q Re’s insurance license was amended to allow it to undertake third-party reinsurance.
The ability to reinsure third party business directly into R&Q Re and the registration as a segregated account company (SAC) allows R&Q Re to offer a range of legacy solutions to the insurance and reinsurance market.
Ken Randall, executive chairman of R&Q, said: “Since 2015, R&Q Re has been at the forefront of our legacy market offering and R&Q Re’s statutory capital has tripled in that time. We continue to see a significant number of opportunities to provide full and economic finality solutions to the captive and commercial insurance markets and these changes will allow us to further capitalise on them.”
Stewart Ritchie, CEO of R&Q Re, added: “R&Q Re’s registration as a SAC will allow us to provide counterparties with legacy solutions where the assets and liabilities are legally ring-fenced, whilst benefiting from the capital strength of R&Q Re’s growing balance sheet.”
