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Charles Taylor completes acquisition of closed book

02 May 2017 07:53

Charles Taylor has completed the acquisition of the closed book of Zurich International Portfolio Bonds from Zurich International Life Limited and Allied Dunbar International Fund Managers Limited from Zurich Insurance Company Ltd.

Charles Taylor said the acquisitions were part of its strategy to make tactical acquisitions in the international life insurance sector to grow its life insurance business and associated services.

It said the transaction would enable it to increase its revenue by managing the closed book and by providing policy administration services.

It added: "The acquisition of ADIFM, which manages a collective investment scheme, will also enable Charles Taylor to generate fund management revenues and further extend its range of professional services by entering the international fund administration services market."

Charles Taylor said its wholly-owned Isle of Man life insurance subsidiary, LCL International Life Assurance Company Limited, would reinsure the Book and subsequently accept the legal transfer of the majority of the Book, subject to regulatory and court approval.

Group chief executive David Marock said: "The acquisition of the closed book of Zurich International Portfolio Bonds follows our purchase in 2015 of Scottish Widows International.

"It demonstrates our commitment to grow our life insurance and servicing businesses in the Isle of Man.

"Over the last five years we have made five life insurance acquisitions.

"I am particularly pleased that the transaction enables us to enter the fund administration services market.

"This is very closely related to the policy administration service we already offer in the Isle of Man and opens up opportunities for us to deliver new services to fund managers in the Isle of Man and other international markets."

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