R&Q Re registered as SAC to expand third-party options
Insurance services and investment company Randall & Quilter (R&Q) has registered its wholly owned subsidiary R&Q Re (Bermuda) as a segregated account company (SAC), enabling it to expand its range of legacy solutions to the re/insurance market.
R&Q Re, a Class 3A reinsurer, is R&Q’s primary legacy vehicle in Bermuda, with statutory capital of $100 million at September-end 2020. The company has been increasingly active both as a reinsurer of inter-group legacy transactions and an acquirer of Bermuda and Caribbean-based captive insurers.
Earlier in 2020, 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 the company and the registration under the Segregated Accounts Companies Act 2000 will allow R&Q Re to offer an expanded 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 the Company’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, chief executive of R&Q Re, added: “R&Q Re’s registration as an SAC will allow us to provide counterparties with legacy solutions where the assets and liabilities are legally ringfenced, whilst benefiting from the capital strength of R&Q Re’s growing balance sheet.”
