ARM assets acquired by life settlement firm Insetco

The deal is subject to the agreement of ARM investors and on condition the company complies with rules set out by its home regulator in Luxembourg, the CSSF. Earlier this week, the CSSF refused ARM a licence to operate as a regulated securitisiation vehicle. ARM currently has outstanding liabilities for some £135m arising from a series of bonds it issued with various fixed maturity dates and coupons. Insetco intends that these liabilities will be exchanged in full for new 7.5% Insetco Bonds, which will be issued upon completion of the deal. The assets of ARM comprise the entitle...