Randall & Quilter Investment Holdings Ltd. has acquired Agency Program Insurance Co. (SAC) Ltd., a Bermuda-based segregated accounts captive company with 28 cells.
London-based Randall & Quilter (R&Q) is paying $1.4 million in cash from existing resources to acquire APIC, which is in run-off and has a total net asset value of $2.4 million and reserves of approximately $8.6 million.
Incorporated in Bermuda on Jan. 4, 2005, APIC generated a profit before tax of $0.6 million for the year ended Dec. 31, 2015.
APIC reinsures SPARTA Insurance Co., Discover Reinsurance Co., Nova Casualty Co., Hartford Insurance Co., AmTrust International, Wesco Insurance Co., PMA Cos. and Arch Insurance Co., pursuant to various insurance and quota share agreements for workers compensation, general, commercial auto, inland marine, property and auto liability exposures.
Ken Randall, chairman and chief executive officer of R&Q, commented: “We are delighted to complete the acquisition of APIC. This transaction, which grows R&Q’s balance sheet, demonstrates our ongoing commitment to continue to acquire legacy insurance assets and also continues to expand our acquisition activity in the North America, Bermuda and Caribbean region.”
Source: Randall & Quilter Investment Holdings
Topics Mergers & Acquisitions
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