Randall & Quilter Investment Holdings has announced that its wholly owned subsidiary R&Q Re (Bermuda) has completed the acquisition of the Barbados insurer, Distinguished Re, formerly known as the Saranac Insurance Company, 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 programme manager that provides specialised 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 $19.3 million 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 $0.6 million. In the year to 31 December 2018, Distinguished Re recorded a loss of $3.4 million.
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.”
R&Q Re, Distinguished Re, Barbados, Bermuda, M&A