Randall & Quilter Investment Holdings (R&Q) has purchased Agency Program Insurance Company (APIC), a Bermuda-based segregated accounts captive company.
The company, which currently has 28 cells, reinsurers the likes of SPARTA Insurance Company, Discover Reinsurance Company, Nova Casualty Company, Hartford Insurance Company, AmTrust International, Wesco Insurance Company, PMA Companies and Arch Insurance Company.
APIC is in run-off, and has a total net asset value of $2.4 million and reserves of $8.6 million.
Ken Randall, chairman and CEO 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.”
