Randall & Quilter acquires Principle Insurance
Randall & Quilter Investment Holdings has reached agreement to acquire the entire issued share capital of Principle Insurance Company Limited, a UK domiciled insurer, from Principle Insurance Holdings Limited. Principle has been in run-off since October 2009 and comprises almost entirely of Takaful motor insurance business with net reserves of c. £2.8m as at 30 June, 2011 and a net asset value of c. £5.1m as at 31 December 2010 (the date of the latest available audited accounts). The consideration, payable by Randall & Quilter in cash from existing resources, is £4.275m, subject completion adjustments. The business will be managed by R&Q Insurance Services Ltd.