Taussig Capital has acquired all of the voting shares of Spencer Re I I, an International Insurance Company founded in 2006 and licensed in Puerto Rico.
Joseph Taussig, CEO of Taussig Capital, founded Spencer Re 16 years ago and served as its chairman until 2014. The company is being re-branded as Taussig Capital Re and will offer reinsurance to primary insurers and reinsurers looking to optimise their reinsurance programs and access non-traditional sources of insurance capital.
Taussig Capital Re is able to segregate pools of assets and liabilities, creating unique opportunities for exposure to a broad spectrum of insurable risks and a flexible platform for insurers and reinsurers.
“We are incredibly excited about the opportunities that a combined Taussig-Spencer deal brings to the marketplace,” says Taussig. “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.”
In addition to risk management, Taussig Capital Re will specialise in providing non-traditional capital sources for insurers and reinsurers, providing bespoke solutions to companies looking to restructure their legacy insurance programs including ‘captive insurance’ programmes.
“This represents the next step in the evolution of the structure of the insurance industry,” he adds. “Taussig Capital Re will provide insurance products that will assist in safe-guarding those companies’ risks while allowing them to redeploy capital back into their primary businesses.”
