Randall & Quilter swallos APIC for $1.4m

Randall & Quilter Investment Holdings announced on Monday that it has acquired Agency Program Insurance Company from its diverse base of predominantly individual shareholders.

The AIM-traded firm said APIC is registered as a Class 3 insurer and was incorporated under the laws of Bermuda on 4 January 2005.

It said APIC, which currently has 28 cells, reinsures SPARTA Insurance Company, Discover Reinsurance Company, Nova Casualty Company, Hartford Insurance Company, AmTrust International, Wesco Insurance Company, PMA Companies and Arch Insurance Company pursuant to various insurance and quota share agreements for workers compensation, general, commercial auto, inland marine, property and auto liability exposures.

The company is in run-off, Randall & Quilter reported, and has a total asset value of $2.4m and reserves in the region of $8.6m.

It generated a profit before tax of $0.6m for the year to 31 December.

To acquire APIC, the total consideration payable by Randall & Quilter in cash from existing resources, amounts to $1.4m.

“We are delighted to complete the acquisition of APIC,” said chairman and chief executive officer Ken Randall.

“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,” he added.