Randall & Quilter Investment Holdings Ltd. (R&Q) has today announced that its wholly owned subsidiary, R&Q Re (Bermuda) Limited has completed the acquisition of Distinguished Re Ltd., a Barbados insurer.
Distinguished Re Ltd. was formerly known as the Saranac Insurance Company, Ltd., a wholly owned subsidiary of Distinguished LLC. The firm has participated as a reinsurer of the capacity providers on business written through Distinguished Programs, its sister company which operates as a national insurance programme manager.
Distinguished Re had net technical reserves of $19.3 million following completion, and the cash consideration payable at closing by R&Q is $1. According to an announcement on the deal, this represents a discount to Distinguished Re’s net assets which, following completion were $0.6m. In the full-year 2018, Distinguished Re recorded a loss of $3.4 million.
Joint Chief Executive Officer (CEO) of R&Q, Roger Sellek, 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.”
