UK: Randall & Quilter Investment Holdings (R&Q), a run-off management service provider, has reached an agreement to acquire a 100% stake in Takaful operator Principle Insurance Company from its parent firm, Principle Insurance Holdings, for GBP4.28 million (US$6.7 million).
The Takaful operator, which will be managed by the subsidiary of R&Q, R&Q Insurance Services, recorded net reserves of GBP2.8 million (US$4.4 million) as at the 30th June 2011 and a net asset value of GBP5.1 million (US$8 million) as at the 31st December 2010.
Principle Insurance Company was launched in July 2008, trading under the Salaam Halal name. The company was placed into run off in October 2009 after failing to raise sufficient funds to continue trading.