Previously known as the Saranac Insurance Company, Distinguished Re is a wholly-owned subsidiary of Distinguished LLC
Bermuda-based insurance company Randall & Quilter Investment (R&Q) has closed the acquisition of Barbados insurance firm Distinguished Re for $1.
Previously known as the Saranac Insurance Company, Distinguished Re is a wholly-owned subsidiary of Distinguished LLC.
Following the completion of the transaction, Distinguished Re’s net assets were $600,000. The reinsurer recorded a loss of $3.4m for the year ending 31 December 2018.
Distinguished Re had net technical reserves of $19.3m following the conclusion of the deal.
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.
It provides specialised insurance programmes to brokers and agents with specific expertise in real estate, community associations, cultural institutions and hospitality and restaurants.
The deal was completed by R&Q, through its wholly-owned subsidiary R&Q Re (Bermuda).
R&Q joint chief executive officer Roger Sellek said: “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.”
Other recent acquisitions of Randall & Quilter (R&Q)
In January this year, R&Q had completed the acquisition of MPS Risk Solutions (MPSRS).
R&Q had reportedly paid £16m ($21m) in cash from its existing resources and it represented a small discount to the company’s net assets of £17.8m.
In the year to 31 December 2017, MPSRS had recorded a profit before tax of £2.3m.
In October 2018, R&Q agreed to acquire Western Captive Insurance Company Designated Activity from the Coffey Group of companies in Ireland.
The acquisition is subject to approval from the Central Bank of Ireland.
Prior to that, in September, before the transaction with MPS was announced, R&Q also agreed to acquire Global U.S. Holdings Incorporated from AXA DBIO, SCA, a subsidiary of investment funds managed by AXA Liabilities Managers SAS.