R&Q completes Bermudian captive acquisition

Randall & Quilter (R&Q) has completed the acquisition of
Bermuda-based Agency Program Insurance Company (APIC).
APIC, which is in run-off, has a total net asset value of $2.4mn
and reserves in the region of $8.6mn. The firm generated a pre-tax
profit of $600,000 for the full-year 2015.
The total cash consideration payable by R&Q amounts to
approximately $1.4mn.
The segregated accounts captive company currently has 28 cells
and reinsures Sparta Insurance Company, Discover Reinsurance