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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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
-
Regulator moves to protect access to cash amid branch closures and disappearing ATMsNews The Financial Conduct Authority has told banks to start assessing if local communities have adequate cash access from mid-September
-
VAT hike on private school fees could come earlier than previously expectedThe government could start charging VAT on private school fees as soon as January 2025, according to the latest reports. What does it mean for parents?
