Randall & Quilter has announced its intention to redomicile its holding company from the UK to Bermuda.
Shares in R&Q will be transferred to its new holding company, R&Q Investment Holdings. The company will now be Bermuda incorporated, but act as a UK tax resident company, with the change being made for “regulatory, operational and commercial reasons”, according to R&Q.
R&Q’s board has indicated that it believes that “being based in Bermuda, R&Q Bermuda should be able to develop an improved regulatory and operational platform to support the group's continued growth and development. In particular, the redomicile is an integral step in the group's aim to secure enhanced transparency and certainty on its medium to long-term capital requirements in the face of a series of delays in the implementation of the Solvency II regime for EEA based insurance groups.”
R&Q said that the access that Bermuda affords to the US market makes the move an attractive prospect for the company that will open up new business opportunities for the firm, not least the burgeoning ILS market.
The deal is subject the regulatory and final shareholder approval.