Taussig Capital, an advisory firm with a focus on asset managers, family offices, insurers, reinsurers, and banks, has acquired all of the voting shares of Spencer Re I.I., which will be rebranding as Taussig Capital Re.
Founded in 2006 and licensed in Puerto Rico, Spencer Re I.I. is a global insurance company that was launched by Joseph Taussig, Chief Executive Officer (CEO) of Taussig Capital, who served as its Chairman until 2014.
Following the acquisition and rebranding, Taussig Capital Re will offer reinsurance to both primary insurers and traditional reinsurers looking to optimize their programmes and access non-traditional sources of insurance capital.
Taussig Capital says that its new reinsurance unit is able to segregate pools of assets and liabilities, generating unique opportunities for exposure to a broad spectrum of risks and a flexible platform for re/insurers.
Taussig commented: “We are incredibly excited about the opportunities that a combined Taussig-Spencer deal brings to the marketplace.
“Insurers and reinsurers will now have a new tool to help them competitively manage risks. Furthermore, being licensed in Puerto Rico provides a number of unique advantages from both a legal and regulatory perspective. Not only is Puerto Rico the only offshore insurance center to be a part of the US federal court system, it also a member of the US National Association of Insurance Commissioners (NAIC) – the industry’s regulatory standard-setting body.”
Additionally, the reinsurer will have a focus on providing non-traditional capital sources for insurers and reinsurers, offering bespoke solutions to firms looking to restructure their legacy insurance programmes.
“This represents the next step in the evolution of the structure of the insurance industry. Taussig Capital Re will provide insurance products that will assist in safe-guarding those companies’ risks while allowing them to redeploy capital back into their primary businesses,” said Taussig.