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18th of May 2012

Randall and Quilter acquires run-off insurance company

Vicky Beckett 19/10/2011

Investment company, Randall and Quilter, is acquiring the entire issued share of Principle Insurance Company.
 
The UK domiciled insurer, Principle, went into run-off in October 2009 and consists almost entirely of Takaful motor insurance business, with net reserves of £2.8m (as at June 30, 2011).
 
Principle, along with its net asset value at £5.1m in December 2010, will be managed by R&Q Insurance Services.
 
The consideration, payable to by Randall and Quilter in cash from current resources, is £4.275m subject to completion adjustments.
 
Ken Randall, CEO of Randall and Quilter, said: “It demonstrates our commitment to find new legacy portfolios that meet our return criteria and have shorter anticipated run-off profiles.”
 
The purchase is subject to regulatory approval of the FSA and other pre-completion deliverables expected to be received in the next few months.

Tags: Aquistion, Company, Insurance, Portfolio, Principle, Randall and quilter, Run-off

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