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Craven House Capital acquires US insurance broker

Craven House Capital PLC has acquired the entire share capital of U.S. insurance broker IIU Inc. for $2.5 million in cash.

The purchase was funded by the early repayment of a $2.5 million convertible loan that was made to Greek holding company Xenod Tour Oikod Epeix Afon Daktylidi AE in 2016.

IIU sells global medical insurance products for international travelers, specializing in policies covering high-risk destinations and emerging markets. Its adjusted pretax income for full year 2017 was about $500,000.