The deal will expand Charles Taylor’s life insurance business in the Isle of Man and enable the group to enter the international fund administration services market, the company says.
The life book acquisition is part of Charles Taylor’s strategy to make “tactical acquisitions” in the international life insurance sector to increase the group’s life insurance assets under management and delivery of policy administration services. It is the fifth life insurance acquisition the Group has made in the last five years and follows the purchase of Scottish Widows International in 2015.
The closed book will be reinsured from early 2017 by Charles Taylor’s wholly owned Isle of Man life insurance subsidiary LCL International Life Assurance Company Limited into which the majority of the book will, subject to regulatory and court approval, be subsequently transferred.
Jeffrey More, chief executive Officer, Charles Taylor Insurance Services (IoM) said: “We have significant experience with acquiring and managing life businesses. We will work closely with Zurich to ensure that policyholders experience a seamless change of ownership and continue to enjoy the same excellent levels of service.”
The acquisition of Allied Dunbar International Fund Managers, which manages a collective investment scheme, will also enable Charles Taylor to further extend its range of professional services by entering the international fund administration services market.”
David Marock, group chief executive, Charles Taylor said: "This agreement to acquire the closed life assurance book from Zurich International is part of our well established strategy to acquire and consolidate life insurance businesses which are primarily in run-off. It demonstrates our commitment to further grow our life insurance business in the Isle of Man.”
The transaction is subject to regulatory approvals by the Isle of Man Financial Services Authority.