30 December, 2019
Randall & Quilter Investment Holdings Ltd. (“R&Q”) is pleased to announce that its wholly owned subsidiary R&Q Re (Bermuda) Limited has completed the acquisition of the Barbados insurer, Distinguished Re Ltd. (“Distinguished Re”), formerly known as the Saranac Insurance Company, Ltd., a wholly owned subsidiary of Distinguished LLC.
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.”
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Further to the Company’s announcement on 13 January 2020 (RNS number 5159Z), the Company hereby provides the attached notification, made in accordance with the requirements of the EU Market Abuse Regulation.
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