Randall & Quilter (R&Q) has announced that its wholly owned subsidiary R&Q Re (Bermuda) Limited has completed the acquisition of the Barbados insurer Distinguished Re.
Formerly known as Saranac Insurance, Distinguished Re acts as a reinsurer of capacity providers on business written through its sister company, Distinguished Programs – a national insurance programme manager that provides specialized insurance programmes to brokers and agents with specific expertise in real estate, community associations, cultural institutions, and hospitality & restaurants.
Distinguished Re had net technical reserves of US$19.3 million following completion of the deal. The cash consideration payable at closing by R&Q is US$1, which represents a discount to Distinguished Re’s net assets which, following completion, were $0.6 million.
“We are pleased to have completed the acquisition of Distinguished Re, providing full finality for the parent Distinguished LLC,” said Roger Sllek, joint chief executive officer of R&Q. “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.”
