Randall and Quilter acquires Alma Insurance Company

Randall and Quilter completed Friday the acquisition of Alma Insurance Company after receiving regulatory approval from the Finnish Financial Services Authority.

The AIM-listed insurance investor said Alma has been in run-off since 1989 and reported net reserves of £1.6m at September 30th 2012.

Randall and Quilter is paying £4.4m in existing cash resources for the company, a discount to the estimated net asset value.

Start your trial of MoneyWeek today

Get unparalleled financial insight, analysis and expert opinion you can profit from.

Start your trial

Sign up for MoneyWeek’s free twice-daily newsletter.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Sign up

Ken Randall, Chief Executive Officer of Randall and Quilter, said: "We are pleased to have completed the acquisition of Alma and look forward to deploying our specialist run off services on the book. Alma is well aligned with our business model and investment approach and we remain committed to finding new legacy portfolios which meet our return criteria."

Randall and Quilter Insurance Services will manage the business.

RD