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.

MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

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

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.

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.