Randall & Quilter Completes Acquisition Of SAC
Randall & Quilter Investment Holdings Ltd. [R&Q] announced the acquisition of Agency Program Insurance Company [SAC] Limited 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,” R&Q said,
“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”.
