UK - TAKAFUL - Struggling UK Takaful firm taken over

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)

UK - TAKAFUL - Takaful-focused insurer bought by run-off investment specialists

www.insuranceage.co.uk - Randall & Quilter has agreed to buy Principle Insurance for £4.275m cash.

Principle has been in run-off since October 2009. It was launched and received Financial Services Authority approval in 2008 with the aim of meeting the motor and home insurance needs of the country's Muslim population as the only Shariah-compliant insurance provider in Britain at the time.
The provider, which consists of almost entirely of Takaful motor insurance business, had net reserves of approximately £2.8m on 30 June 2011. The latest available audited accounts to 31 December 2010 revealed a net asset value of £5.1m.  (source)