Frequently Asked Questions
When was Spencer Re founded?
Spencer Re was founded in 2005 and was the first International Insurance company domiciled in Puerto Rico.
I have a CFC that I have apportioned out to key people in the store for retention purposes. Is this available through Spencer Re?
Yes, there are solutions that can accommodate multiple owners.
How often can I request a dividend?
Available surplus can be taken as a dividend up to two times annually.
How do I request a dividend?
Dividend requests can be emailed directly to the Spencer Re office in Puerto Rico.
How are distributions handled?
Upon board approval, dividend distributions are sent directly to the shareholder’s account.
I continually hear about reinsurance regulations; what is happening there and what is the risk to us in the future?
Please review the Spencer Re offering document for potential risks. Spencer Re also recommends you consult your tax adviser, legal counsel or CPA regarding regulations before purchasing stocks in any reinsurance program.
What are the fixed annual expenses (attorneys, CPAs, etc.)?
Spencer Re does not charge or impose annual operating expenses. We only charge a management fee that is a percentage of annual ceded premium.
How often is the money ceded to my cell?
The ceding company determines cession frequency. Most companies cede monthly or quarterly.
How often do I receive statements?
Spencer Re provides quarterly shareholder statements including a quarterly investment newsletter from Spencer Capital Management. In addition, Spencer Re invites you to participate in a quarterly investment call.
Is a letter of credit (LOC) required?
In many cases Spencer Re provides LOCs to the ceding company so that they are able to take credit for the reinsurance transaction.
Can I cede multiple products into my cell?
Yes, any F&I product that has an insurance policy backing it can be reinsured.
Can I cede multiple products from multiple underwriters into my cell?
Yes. Multiple products from multiple underwriters can be ceded into a cell.
From the time I agree to do business with Spencer Re how long until I can see my first cession statement?
The ceding company provides cession statements and timing varies by company. Typically, the first cession statement is received 30-60 days after cells are established.
Where are the funds held?
Spencer Re utilizes Comerica and affiliated banks, highly regarded in the reinsurance business.
Can you attend presentations with our agents?
Yes. We would be happy to. Spencer Re has employees in the United States that are willing and able to assist at anytime.