LONDON (Alliance News) - Non-life insurance investor Randall & Quilter Investment Holdings Ltd on Monday said it has agreed to buy Agency Program Insurance Co Ltd for USD1.4 million.
Agency Program, which is in run-off, currently has 28 insurance cells and a total net asset value of USD2.4 million, with reserves in the region of USD8.4 million, Randall & Quilter said. It made a USD600,000 pretax profit in 2015.
"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," said Ken Randall, the chairman and chief executive of Randall & Quilter.
Shares in Randall & Quilter were up 0.6% to 94.60 pence Monday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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R&Q Insurance (RQIH)