Acquisition

RNS Number : 3520E

Randall & Quilter Inv Hldgs Ltd

18 July 2016

 

Randall & Quilter Investment Holdings Ltd.

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".

Ends

Enquiries to:

Randall & Quilter Investment Holdings Ltd. www.rqih.com Tom Booth Tel: [phone] Numis Securities Limited Stuart Skinner (Nominated Adviser) Tel: [phone] Charles Farquhar (Broker) Tel: [phone] Shore Capital Stockbrokers Limited Dru Danford / Stephane Auton Tel: [phone] FTI Consulting Edward Berry/Tom Blackwell Tel: [phone]

Notes to Editors:

About R&Q

Randall & Quilter pursues a buy and build strategy and has created a comprehensive range of investment activities and services in the global non-life insurance market.

R&Q is focused on the following three core areas:

·      Insurance Investments

·      Insurance Services

·      Underwriting Management

The Group:

·      provides a range of services to both the live and legacy (re)insurance markets to support growing businesses and address complex and challenging run-off issues;

·      employs close to 400 insurance professionals based in the UK, US, Bermuda, and Europe with wide service capability in both the 'live' and 'run-off' markets;

·      owns and manages a portfolio of insurance companies, both active and in run-off, in the UK, US and Europe with net assets of £123.7m as at 31 December 2015;

·      owns an admitted P&C Insurer, A- rated by AM Best, with licenses throughout the US; owns a Bermuda Class 3A insurance company which currently supports the Group's syndicate participations;

·      launched Syndicate 1991, which commenced underwriting from January 1, 2013 and has an agreed capacity of £130m for 2016, manages one RITC ('run-off') syndicate, 3330, and owns and operates an MGA platform;

·      acquires and manages a portfolio of insurance receivables, with a carrying cost of £6.0m as at 31 December 2015, of which R&Q holds a 50% interest

The Group was founded by Ken Randall and Alan Quilter in 1991.

Website: www.rqih.com

 

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