Randall & Quilter acquires reinsurance specialist

Randall & Quilter Investment Holdings Ltd. has acquired Agency Program Insurance Co. Ltd.

Hamilton, Bermuda-based Randall & Quilter paid $1.4 million in cash from existing resources, the company said Monday in a statement. Bermuda-based APIC, which is in runoff, has a total net asset value of $2.4 million and reserves of around $8.6 million, and generated pretax profit of $600,000 in 2015, according to the statement.

APIC reinsures Sparta Insurance Co., Discover Reinsurance Co., Nova Casualty Co., Hartford Insurance Co., AmTrust International, Wesco Insurance Co., PMA Cos. and Arch Insurance Co., according to the statement.