• 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

R&Q Accredited announces 5-year program deal with First Underwriting
R&Q Accredited announces 5-year program deal with First Underwriting

Randall & Quilter Investment Holdings Ltd, (AIM-RQIH) (“R&Q”), the leading non-life global specialty insurance company focusing on program management and legacy insurance businesses, is pleased to announce that R&Q Accredited has signed a 5-year program management agreement with First Underwriting, …

R&Q commences trading on OTCQX market in the United States
R&Q commences trading on OTCQX market in the United States

Randall & Quilter Investment Holdings Ltd, (AIM-RQIH) (“R&Q”), the leading non-life global specialty insurance company focusing on program management and legacy insurance businesses, is pleased to announce that trading in the Company’s Ordinary Shares will begin today on the OTCQX …

Q3 Program Management Update
Q3 Program Management Update

GWP grows by over 80% to $714 million for the first nine months of 2021 Randall & Quilter Investment Holdings Ltd, (AIM-RQIH) (“R&Q”), the leading non-life global specialty insurance company focusing on Program Management and Legacy Insurance businesses, announces a …