• Strategy
  • Innovation
  • Expertise

R&Q completes acquisition of Bermuda based segregated accounts captive company

18 July, 2016

Randall & Quilter Investment Holdings Ltd. (“R&Q”) is pleased to announce the acquisition of Agency Program Insurance Company (SAC), Limited (“APIC” or “the Company”) from its diverse base of predominately individual shareholders. APIC is registered as a Class 3 insurer and was incorporated under the laws of Bermuda on January 4, 2005.

The Company, 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.

APIC, which is in run-off, has a total net asset value of $2.4m and reserves of in the region of $8.6m. The Company generated a profit before tax of $0.6m for the year ended December 31, 2015. To acquire APIC, the total consideration payable by R&Q, in cash from existing resources, amounts to approximately $1.4m.

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”.

Click here for the full Press Release

R&Q completes acquisition of Bermuda based segregated accounts captive company

Latest News

Accredited announces new partnership with M. G. Skinner & Associates
Accredited announces new partnership with M. G. Skinner & Associates

Accredited Surety and Casualty Company, Inc. (“Accredited”), a wholly owned subsidiary of Randall & Quilter Investment Holdings Ltd. (“R&Q”) and a Florida domiciled insurance company licensed in all 50 states to write admitted business, is pleased to announce that it …

R&Q completes acquisition of Sandell Holdings Limited
R&Q completes acquisition of Sandell Holdings Limited

Further to its announcement on 1 July 2019, Randall & Quilter Investment Holdings Ltd. (“R&Q”) is pleased to confirm that its wholly owned subsidiary, Randall & Quilter II Holdings Limited, has completed the acquisition of Sandell Holdings Limited (“SHL”) along …

Result of General Meeting
Result of General Meeting

The Board of Randall & Quilter Investment Holdings Ltd. (AIM:RQIH) (the “Company”), the specialist non-life insurance investor, service provider and underwriting manager, today held the General Meeting referred to in the notice to shareholders of the Company dated 9 September …