19 Oct 2011
By Chris Wheal of Post
Run-off specialist Randall & Quilter is to buy Principle Insurance,
the UK Takaful motor insurer put into run-off in October 2009, for
£4.275m.
R&Q said Principle had net reserves of £2.8m as at 30 June, 2011
and a net asset value of £5.1m as at 31 December 2010 (the date of the
latest available audited accounts).
Ken Randall, chief executive officer of Randall & Quilter
(pictured), said: "We are pleased to have reached agreement to acquire
Principle and it demonstrates our commitment to find new legacy
portfolios which meet our return criteria and have shorter anticipated
run-off profiles.
"We have commented that our pipeline has grown in recent times and it
is pleasing to report that this heightened activity has now resulted in
a run-off company purchase, subject to regulatory approval, expected to
be received in the coming months."
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