London-headquartered service provider and run-off acquirer Randall & Quilter (R&Q) has agreed to buy Principle Insurance Company Ltd for £4.275mn, as it starts to draw down on the hedge fund facility it negotiated earlier this year.
Principle Insurance Company was a UK-domiciled Islamic insurer launched in July 2008 that quickly went sour and was placed into run off in October 2009.
R&Q said that the business had net reserves of £2.8mn as at 30 June and a net asset value...
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