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Randall & Quilter buys Agency Program Insurance

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Randall & Quilter buys Agency Program Insurance

completed the acquisition of Bermuda-based from its predominately individual shareholders for a totalconsideration of approximately $1.4 million in cash.

APIC, which is in runoff,generated pretax profit of about $600,000 for full year 2015 and has a totalnet asset value of $2.4 million and reserves of about $8.6 million, according tothe July 18 press release. The segregated accounts captive company currentlyhas 28 cells and reinsures a number of insurance companies, including SPARTAInsurance Co., Discover Reinsurance Co., Nova Casualty Co. and AmTrustInternational.

Randall & QuilterChairman and CEO Ken Randall said the acquisition is part of the company'sacquisition activity in North America, Bermuda and the Caribbean.