R & Q Re (Bermuda) Ltd will provide intra-group reinsurance
Randall & Quilter, the run-off management service provider and acquirer of solvent insurance companies in run-off, has received approval from the Bermuda Monetary Authority for the registration of a Bermudan class 3 reinsurer, R & Q Re (Bermuda) Ltd.
The establishment of R&Q Re (Bermuda) is part of the group’s strategy to optimise capital efficiency.
R&Q Re (Bermuda), a wholly owned subsidiary of the Group, will solely provide intra-group reinsurance, assisting the structuring of future acquisitions and enhancing the returns derived from new and existing insurance company subsidiaries.
It is expected that R&Q Re (Bermuda) will be capitalised purely from internal resources, during Q1 2008.
Commenting on the subsidiary, Ken Randall, chairman and chief executive officer of Randall & Quilter, said: “This is a development we have planned for a long time. The additional funding available from our AIM listing has enabled us to establish a reinsurer sooner than would otherwise have been possible.”
