Joe Taussig founds reinsurer in Puerto Rico – The Royal Gazette

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Created: 10/19/2021 07:58 AM

A Bermuda investment banker 30 years ago who later became involved in the financing of primary insurers and reinsurers has just founded a new Puerto Rico reinsurer, Taussig Capital Re.

Joe Taussig, well-known in Bermuda, announced on Monday that Taussig Risk Capital Advisors has acquired all of the voting shares in Spencer Re II, an international insurance company founded in 2006 and licensed in Puerto Rico.

He said he renamed the company to offer reinsurance to primary insurers and reinsurers who want to streamline their reinsurance programs and have access to non-traditional sources of insurance capital.

According to a press release, “Tausssig Capital Re has the ability to segregate pools of assets and liabilities, creating unique opportunities for exposure to a wide range of insurable risks and a flexible platform for insurers and reinsurers.”

In it, Mr. Taussig is quoted: “We are incredibly excited about the possibilities that a combined contract between Taussig and Spencer brings to the market.

“Insurers and reinsurers now have a new tool that helps them manage risks competitively. In addition, the license in Puerto Rico offers a number of unique advantages from both a legal and regulatory perspective.

“Puerto Rico is not only the only offshore insurance center that is part of the US federal judicial system, but is (is) a member of the US National Association of Insurance Commissioners (NAIC) – the standard-setting authority for the industry.”

In addition to risk management, Taussig Capital Re is said to specialize in providing non-traditional sources of capital to insurers and reinsurers, offering bespoke solutions for companies looking to restructure their existing insurance programs, including proprietary insurance programs.

“This is the next step in the evolution of the structure of the insurance industry,” added Taussig.

“Tausssig Capital Re will offer insurance products that will help hedge the risks of these companies while giving them the opportunity to put capital back into their main business.”

The statement goes on to say, “Joe is the founder and creative force of Taussig Risk Capital Advisors.

“He founded Bermuda’s first investment bank in 1990, when the insurance industry and hedge funds were still in their infancy, along with the vast majority of Bermuda offshore funds.

“Joe helped fund many of the insurers and reinsurers that drove Bermuda’s growth into the ‘venture capital of the world’.

For more than two decades it has been said: “Taussig Capital is an innovation leader in the insurance industry. With its pioneering approaches to risk management and the ability to develop alternative sources of capital, Taussig offers both buyers and providers of insurance and reinsurance tailored solutions and attractive investment returns. “

On the website of the capital Taussig it says: “Joe is the founder and CEO of TCI. He founded the first investment bank in Bermuda in 1990, when the insurance industry was still in its infancy, and helped fund most of it for 15 years (now it’s the second largest insurance market in the world).

“Joe then moved to Switzerland and based on a combination of his own product and investment strategies, he started to found, co-found and advise numerous start-up insurers, reinsurers and banks.

“Most of the capital comes from the hedge fund and asset management industries. He holds series 24, 27, 7, 4 and 63 licenses with FINRA.

“Joe served as a US Marine in Vietnam as a patrol leader for reconnaissance of the armed forces and as the commander of an infantry company in Hue City during the Tet.

“He has a BS in engineering from the US Naval Academy, an MBA from Harvard and also has a Swiss passport.”

Joe Taussig, the former Bermuda market operator, has just founded a new reinsurer from Puerto Rico, Taussig Capital Re (photo included)

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