Takaful-focused insurer bought by run-off investment specialists

Two people shaking hands

Randall & Quilter has agreed to buy Principle Insurance for £4.275m cash.

Principle has been in run-off since October 2009. It was launched and received Financial Services Authority approval in 2008 with the aim of meeting the motor and home insurance needs of the country's Muslim population as the only Shariah-compliant insurance provider in Britain at the time.

The provider, which consists of almost entirely of Takaful motor insurance business, had net reserves of approximately £2.8m on 30 June 2011. The latest available audited accounts to 31 December 2010 revealed

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JMG buys Madoc & Rhodes

JM Glendinning Insurance Brokers has purchased Birmingham-based Madoc & Rhodes, adding to its growing portfolio.

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