Randall & Quilter (R&Q) Re Bermuda has issued a total of $20 million in floating-rate subordinated notes, due December 2023.
The issued subordinated notes are tier-two eligible capital and will increase the company’s statutory capital and surplus in a bid to help support the growth of the group’s insurance platform.
Acting as the sole investor to the issue was Twelve Capital Group, an investment manager specialising in insurance investments including private debt.
The transaction marks Twelve’s first transaction supporting a Bermudian insurance company issuing tier-two eligible capital.
Ken Randall, chairman and CEO of R&Q, commented: “We are really pleased to have completed this issue of tier-two eligible capital out of R&Q Re (Bermuda) to help fund our fast growing legacy activity in the US and offshore US markets, and to strengthen the balance sheet of this key group insurance carrier.”
