A UK specialist non-life insurance investor company is proposing to redomicile to Bermuda this year.Randall & Quilter (R&Q), which acquired Bermuda’s Quest Group of captive management companies in 2008, is seeking to move its holding company to the Island.The company has offices on the Island from which it operates R&Q Re. It would increase its presence by moving key executives to Bermuda if the redomiciling proposal is approved by shareholders.It is also likely a small number of vacancies will be created on-Island.R&Q sees a number of benefits from effectively moving its headquarters to the Island to become a Bermuda incorporated but UK tax resident company.It said the proposed redomiciling is for “regulatory, operational and commercial reasons”.The group currently has up to 400 insurance professionals based in the UK, US, Europe and Bermuda.Bermuda’s regulatory environment and its access to the US market have proved attractive to the company, particularly in light of delays to the European Union’s Solvency II directive, which is aimed at establishing a uniform standard of capital adequacy for insurers and reinsurers in the EU.R&Q’s chief financial officer Tom Booth told The Royal Gazette the proposed move was for “more regulatory certainty”.He said: “We are looking to work with the BMA (Bermuda Monetary Authority) and for them to supervise the whole group.“They are more advanced on the Solvency test.”The Island’s accessibility to the US market was also attractive.Mr Booth said: “We are pretty big in the US, we have staff there and our own insurance companies there.”As well as being a non-life insurance investor, the company is also a service provider and underwriting manager. It operates in the ‘live’ and ‘run-off’ market.In a statement released today in London, R&Q said: “The board believes that being based in Bermuda, R&Q Bermuda should be able to develop an improved regulatory and operational platform to support the group’s continued growth and development.“In particular, the redomicile is an integral step in the group’s aim to secure enhanced transparency and certainty on its medium to long-term capital requirements in the face of a series of delays in the implementation of the Solvency II regime for EEA based insurance groups.”The company statement added: “Bermuda is a premier insurance domicile providing excellent access to the US market.“The board believes that the group’s significantly enhanced presence in Bermuda following the proposed redomicile will produce a number of new business opportunities, not least in the growing insurance-linked securities market.”The redomiciling will be subject to, amongst other things, approval by shareholders at a general meeting due to be held in June.If the redomiciling is approved, and subsequently sanctioned by the High Court of England and Wales, it is envisaged R&Q Bermuda will be admitted to the AIM Market of the London Stock Exchange in July.