Uncertain capital requirements push firm out

Man tied up red tape

Randall & Quilter (R&Q) wants to redomicile its holding company from the UK to Bermuda because of uncertainty about Solvency II.

In a statement, R&Q said that being based in Bermuda would give clarity about the amount of capital it is required to hold “in the face of a series of delays in the implementation of the Solvency II regime for European Economic Area based insurance groups.”

R&Q has set up a new Bermudian company called Randall & Quilter Investment Holdings, or R&Q Bermuda, to be the new holding company for the group.

R&Q added that the relocation would also give new business opportunities, such as the insurance linked securities market.

The redomicile will be subject to approval by R&Q shareholders and the High Court in mid-June.

R&Q will still have a tax domicile in the UK.