Life reinsurance and insurance holding company, Monument Re, has reached an agreement to acquire Charles Taylor Group’s Isle of Man businesses.
The purchase mostly consists of Charles Taylor’s life insurance entity, LCL International Life Assurance Company Limited, and Charles Taylor Holdings Limited.
Financial terms of the deal were not disclosed and the change of control of the firms remains subject to customary closing conditions, including the receipt of regulatory approvals.
Manfred Maske, Monument Re’s Chief Executive Officer (CEO), commented: “We are very pleased to have worked with the Charles Taylor team to reach an agreement to acquire their Isle of Man operations. The signing of this transaction establishes our presence on the island and represents a key step in executing our strategy in the Crown Dependencies.”
Rob Brown, CEO of Charles Taylor, added: “Monument Re is a great new owner for our Isle of Man business. Our decision to proceed with this transaction resulted from the ongoing evaluation of our business to ensure the right offerings, operating structure and competitive positioning for our clients and for our long-term success.
“The divestment of the Isle of Man operation was a natural conclusion of this assessment and results in a simpler group with a clear focus on non-life insurance services across our core claims services, technology and insurance management offerings.”
Monument and Charles Taylor have both emphasised their commitment to providing seamless continuity of services throughout the transaction.
Jeffrey More, CEO of Charles Taylor Insurance Services, said: “We have enjoyed an extended period of success under Charles Taylor’s ownership, which has included making a number of acquisitions as we have built the business. I am delighted that we are joining Monument Re and look forward to playing our part in driving further growth.”
Fenchurch Advisory Partners acted as financial adviser to Charles Taylor.
This acquisition comes shortly after Monument Re, alongside Allianz Benelux, agreed to transfer a closed book of classical life retail insurances together with 4.500 mortgage loans to Monument Assurance Belgium