Randall & Quilter Acquires Barbados Insurer
Randall & Quilter Investment Holdings Ltd. [R&Q] announced that its wholly-owned subsidiary R&Q Re [Bermuda] Limited has completed the acquisition of the Barbados insurer, Distinguished Re Ltd, formerly known as the Saranac Insurance Company, Ltd., a wholly owned subsidiary of Distinguished LLC.
A spokesperson said, “Distinguished Re participated as a reinsurer of the capacity providers on business written through its sister company, Distinguished Programs, a national insurance program manager that provides specialized Insurance Programs to brokers and agents with specific expertise in Real Estate, Community Associations, Cultural Institutions and Hospitality & Restaurants.
“Distinguished Re had net technical reserves of $19.3m following completion. The cash consideration payable at closing by R&Q is $1. This represents a discount to Distinguished Re’s net assets which, following completion were $0.6m. In the year to 31 December 2018, Distinguished Re recorded a loss of $3.4m.”
Roger Sellek, Joint Chief Executive Officer of R&Q, commented: “We are pleased to have completed the acquisition of Distinguished Re, providing full finality for the parent Distinguished LLC. The acquisition marks the tenth transaction R&Q has completed in 2019, across five jurisdictions, underlining R&Q’s continuing position as a market of choice for a broad range of legacy solutions.”
