UK takaful insurer sold to Kuwaiti buyer
Principle Insurance Holdings, parent company of the UK’s first Shariah compliant insurance group, has confirmed the conditional sale of its subsidiaries, Principle Insurance Company and Principle Marketing Services, to Al Salam Group Holding Company – a member company of the Kuwait-based Al Madina Group – for an undisclosed sum.
The Principle Group, which traded under the Salaam Halal insurance brand, was originally authorised by the Financial Services Authority in April 2008 and entered into solvent run-off in October 2009
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