1st Jun 2018 15:34
LONDON (Alliance News) - Craven House Capital PLC said on Friday that it has acquired US insurance provider IIU Inc.
The merchant bank acquired the entire share capital of IIU for USD2.5 million in cash. The acquisition was funded by the early repayment of a USD2.5 million loan that Craven House made to Greek holding company Xenod Tour Oikod Epeix Afon Daktylidi AE.
IIU's adjusted pretax profit for 2017 was USD500,105. All of its insurance policies are fully underwritten and no claim risk remains with the company.
Shares in Craven House Capital were up 3.0% at USD4.74 on Friday.
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Craven House Capital