Uncertain capital requirements push firm out
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.
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