Puerto Rico licensed advisory firm Taussig Capital has acquired Spencer Re, the company has announced. The business will be rebranded Taussig Capital Re and offer reinsurance to primary insurers and reinsurers and specialise in non-traditional sources of capital, it said.
Joseph Taussig, CEO of Taussig Capital, founded Spencer Re 16 years ago and was its chairman until 2014.
“We are incredibly excited about the opportunities that a combined Taussig-Spencer deal brings to the marketplace,” he said.
“Insurers and reinsurers will now have a new tool to help them competitively manage risks. Furthermore, being licensed in Puerto Rico provides a number of unique advantages from both a legal and regulatory perspective. Not only is Puerto Rico the only offshore insurance centre to be a part of the US federal court system, it also a member of the US National Association of Insurance Commissioners (NAIC) – the industry’s regulatory standard-setting body.”
The new reinsurance unit can segregate pools of assets and liabilities, generating unique opportunities for exposure to a broad spectrum of risks and a flexible platform for re/insurers, according to the company.
Taussig added: “This represents the next step in the evolution of the structure of the insurance industry. Taussig Capital Re will provide insurance products that will assist in safeguarding those companies’ risks while allowing them to redeploy capital back into their primary businesses,” said Taussig.
Taussig Capital Re, Spencer Re, Puerto Rico, reinsurance, insurance, Joseph Taussig, US National Association of Insurance Commissioners (NAIC),