Randall and Quilter acquires Alma Insurance Company

28th Dec 2012 08:34

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. 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