Taussig Capital has acquired all the voting shares of Spencer Re for an undisclosed sum.

Under the terms of the agreement, Spencer Re will be re-branded as Taussig Capital Re.

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The international insurance firm, which is licenced in Puerto Rico, was founded in 2006 by Joseph Taussig, CEO of Taussig Capital, who also served as its chairman till 2014.

Taussig Capital Re will offer services to re-insurer that are looking to optimise their reinsurance programmes and access to non-traditional sources of insurance capital.

Taussig Capital stated that the new arm is capable of segregating pools of assets and liabilities to offer exposure to a wide range of insurable risks and a flexible platform.

Taussig 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.

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“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.”

Taussig Capital Re will specialise in offering non-traditional capital sources for insurers and reinsurers.

It will offer tailored solutions to firms that are looking to restructure their legacy insurance programmes, which includes ‘captive insurance’ programmes.

Notably, Puerto Rico is the only offshore insurance centre to be a part of the US federal court system. It is also a member of the US National Association of Insurance Commissioners.