theislamicglobe.com - Run-off specialist Randall & Quilter has bought Principle Insurance Holdings, Britain’s only Takaful firm two years after it was placed in run-off.
Principle had net reserves of £2.8m ($4.5m) as at June 30, 2011. The Takaful firm which had a net asset value of £5.1m ($8.2m) as at December 31, 2010 was composed almost entirely of motor Takaful.
Randall & Quilter said it paid £4.3m ($6.9m) for 100% of Principle’s equity and completed the transaction from its own cash reserves. (source)
Randall & Quilter said it paid £4.3m ($6.9m) for 100% of Principle’s equity and completed the transaction from its own cash reserves. (source)
Principle was launched in 2008 with the aim of meeting the motor and home insurance needs of the country’s Muslim population. This is the Takaful firm’s second shot at getting out of run-off. It’s CEO, Bradley Brandon-Cross had said in April 2010 that the firm was selling up to Kuwait’s Al Salam Insurance and hoped to re-enter the market at that time.
Ken Randall, CEO of Randall & Quilter told The Islamic Globe: “We are delighted to have acquired Principle Insurance, which will provide Randall & Quilter with an opportunity to provide its run-off solutions within a niche section of the market.”
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