Randall & Quilter Investment Holdings Ltd has acquired a Bermudian Class 3 insurer in run-off.

R&Q, which is also based in Bermuda and listed in London, said yesterday that it paid $1.4 million in cash for Agency Program Insurance Company Ltd, a segregated accounts captive insurer with 28 cells.

Apic, which is writing no new business, has a total net asset value of $2.4 million and reserves of about $8.6 million, R&Q stated. The company generated a profit before tax of $0.6 million in 2015.

Ken Randall, chairman and chief executive officer of R&Q, said: “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.”

Apic 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’s head office is in the FB Perry Building on Church Street, Hamilton.